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Most publicly accountable enterprises in Canada have now implemented IFRS as their new financial reporting standards and are experiencing their first year of reporting under IFRS. However, the transition process has not ended. Entities are now facing the challenge of applying IFRS on a day-to-day basis and getting prepared for numerous upcoming IFRS changes.
Moving IFRS’s
For the next three years, the IASB’s schedule includes over thirty new projects, affecting almost all standards. It will therefore be difficult for entities to escape from this second series of changes.
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IFRS NEWS
Jan. 2012: Transitioning to Accounting Standards for Private Enterprises
Oct. 2011: The New face of IFRS in 2013.
Consult the RSM International site for IFRS updates
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More specifically, the expected projects which will have a significant impact are related to the following:
- Consolidation principles (effective starting in 2013
- Leasing arrangements (anticipated application in 2015
- Revenue recognition (anticipated application in 2015*
- Financial instruments (effective starting in 2015
*Application dates could be further modified by the IASB.
In essence, this represents a second transition, with changes that will impact business processes beyond accounting matters. Companies will have to review their strategic growth and financing plans, develop new assessment techniques (provisions, leasing, financial assets), and modify their procedures and information systems.
For additional information on current IASB projects and timelines, you can consult the IASB website by clicking here.
How can we help you?
IFRS transition
RSM Richter has successfully assisted numerous clients with their IFRS transitions. Our multi-disciplinary teams of specialists can assist you with all aspects of your transition considerations. In addition to our audit and advisory teams with direct IFRS experience, we also have dedicated conversion specialists on staff, within our Financial Reporting Advisory Group. Our tailored approach takes into account the specific needs of each client, ensuring a thorough transfer of knowledge and experience from our IFRS team to yours. Moreover, as a member of RSM International, a network with experience guiding clients through the conversion process, our team is also able to draw on the firm’s wide net of technical and industry resources.
We can help you:
- Focus on big picture business issues related to your conversion while maintaining a firm grasp on detailed financial reporting;
- Maximize the value of time and money invested in conversion through efficient and accurate planning;
- Plan for the ongoing impacts of reporting in accordance with IFRS as well as for changes that may result from your own growth plans.
Our services include:
- IFRS conversion projects (using the 4 stage RSM IFRS Conversion Methodology)
- Reconciliations between IFRS and Canadian GAAP
- IFRS training
- IFRS technical assistance
- Assistance in the preparation of IFRS accounting manuals and implementation
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IFRS Solutions
Private Enterprises have to choose their path.
Update on the IFRS Environment in Canada
IFRS guide for SMEs
Your partners in understanding the business implications of IFRS (RSM International)
IFRS FAQs (RSM International)
IFRS Illustrative Consolidated Financial Statements for the year ended 31 December 2008(RSM International)
Accounting and presentation alternative options under IFRS (August 2008)
Our IFRS Methodology
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Beyond the transition
It will be imperative for management to have a clear understanding of how upcoming accounting changes will impact not only financial reporting processes and controls, but also performance ratios, short to medium-term strategic plans for the business, operational structures, employee training and development, and existing IT systems and processes.
We can help you by providing you with expertise through our extensive, diverse and industry-focused experience and offer you a multidisciplinary approach and team, with the ability to meet specific needs on a local or global scale.
Our services include:
- Complete diagnostic of impacts of upcoming changes, including simulations
- Implementation plan set-up and project management
- IFRS technical accounting assistance on upcoming project
- IFRS training and update
- Assistance in updating control procedures and system changes
Contact our IFRS team leader below to learn more about how we can help you.
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Paule Bouchard, FCA
Partner, Professional Practice and Financial Reporting Advisory Group
Tel: 514.934.3518
email:pbouchard@rsmrch.com
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Relevant Links: