IFRS

In 2011, application of International Financial Reporting Standards (IFRSs) will become mandatory for all Canadian publicly-accountable enterprises. Needless to say, advance planning is essential to prepare for adoption. All financial statements presented to equity-holders must be on a comparative IFRS basis. 

If your organization has not yet taken the necessary steps to properly transition to these new standards, you have very little time to ensure a smooth and painless conversion. The risk of missing this tight deadline is considerable, and the impact potentially punitive.

IFRS Transition Plan

There are several phases that will have to be completed prior to the adoption of IFRSs. During this preliminary period your organization will need to establish and execute a formal IFRS Transition Plan, which will include:

  • Establishing a project structure and governance practices;
  • Setting a detailed timetable for fiscal 2009 and 2010;
  • Planning the identification and allocation of internal and external resources;
  • Developing a training program to be delivered;
  • Analyzing all relevant Canadian GAAP to IFRS differences;
  • Analyzing and selecting all applicable IFRS 1 elections;
  • Assessing the impact on: data collection; computer systems; internal controls over financial reporting, and; business activities, such as financing and compensation arrangements.

 

We Can Help

Soberman can assist you with your IFRS conversion by providing planning and strategy in all of these phases.  Our resources include in-depth expertise, skilled staff to assist with analysis and accounting, and the “critical care” support often demanded by some organizations to get their financial statements issued on time.

For additional information on our IFRS services, please contact:

Sam Kaner, BSc, CA, Partner
Tel: 416 963 7111 or Email: skaner@soberman.com

Paul Rhodes, BSc, MA, ACA, CA, Partner
Tel: 416 963 7217 or Email: prhodes@soberman.com

Rukshana Dinshaw, BA, CA, Partner in Charge of Professional Practice
Tel: 416 963 7190 or Email: rdinshaw@soberman.com

C. Dirk Joustra, BComm, MBA, CA, Partner
Tel: 416 963 7110 or Email: djoustra@soberman.com