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Publicly accountable enterprises in Canada will soon undergo a fundamental change to their financial reporting. They will be required to switch from Canadian GAAP to IFRS for purposes of financial statement preparation. Changes required to comply with IFRS involve more than might initially meet the eye. These changes could impact a business from its technology and finance departments to compensation plans as well as board and audit committees.
IFRS Training
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Download our IFRS Brochure |
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IASeminars, the international leader in IFRS training, is bringing its IFRS expertise to Canada. With these in-depth courses, you will walk away with practical knowledge and strong methodologies that will help chart the course of your IFRS conversion.
Prepare for your conversion by visiting the IASeminars web site for their schedule of IFRS courses & workshops in Canada, offered in collaboration with RSM Richter.
Key dates to remember :
- December 31, 2008 – Publicly accountable enterprises must discuss the status of the key elements and timing of their changeover plans. During the preparation of their interim MD&A, if changeover plans are already in place, publicly accountable enterprises should address the status of the key elements and timing of their changeover plans.
- December 31, 2009 – For the interim MD&A, an update of progress should be discussed. For the annual MD&A, major identified differences between IFRS and Canadian GAAP should be discussed, including the impact of any future changes to IFRS, in addition to the progress disclosure regarding the status of the key elements and timing of changeover plans already discussed in the previous year.
- January 1, 2010 – First year for the collection of comparative information for inclusion with 2011 financial statements.
- December 31, 2010 – Last year of reporting under current Canadian GAAP. For the interim and annual MD&A, an updated discussion of the preparations for changeover is required, including a more detailed discussion of the key decisions and changes made relating to accounting policy choices available under IFRS 1 and other individual IFRS standards, disclosing quantified information about the impact of IFRS on key line items presented in the financial statements.
- January 1, 2011 – Publicly accountable enterprises will be required to switch from Canadian GAAP to IFRS for their financial statements with comparatives for 2010
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Read our IFRS newsletter
Feb. 2008 Edition
AcSB Latest News
12/05/08
CSA Guidance on the Effect of the Transition to IFRSs
07/04/08: Accounting Standards Board Releases IFRS Exposure Draft |