About IFRS

Financial statements of publicly-traded companies for year-ends beginning on or after January 1, 2011 must be prepared in accordance with International Financial Reporting Standards (“IFRS”) in order to comply with Canadian GAAP.  Private companies also have the option of adopting IFRS.  For all publicly-traded companies with calendar year-ends, the March 31, 2011 Q1 financial statements are the first set of statements affected, while for private companies adopting IFRS with calendar year-ends, the December 31, 2011 financial statements are the first set of statements affected.  Companies are also required to restate any comparative figures based on the new accounting framework chosen.

The mandatory transition date has already passed for many companies, so it is important to begin evaluating the effects of the transition as soon as possible.  We can assist both publicly-traded and private companies with many aspects of the IFRS transition, including:

  • Providing education/training for staff:
    • Training sessions
    • Technical resources
    • Examples of IFRS compliant financial statements specific to your industry
  • Commenting on areas where changes in accounting policy or disclosure are likely:
    • Review pre-IFRS financial statements to identify areas where IFRS differs
    • Analyze/identify key impact areas of IFRS
    • Provide technical advice and alternatives on IFRS standards relating to impact areas
  • Assisting with preliminary diagnosis of the impact on financial reporting and accounting systems:
    • Identify areas where the current financial reporting model and accounting systems will need to be updated to provide the necessary data for IFRS financial statement presentation and disclosure
  • Reviewing significant IFRS / GAAP adjustments:
    • Review for accuracy and compliance with IFRS
    • Advise on how to calculate the required adjustments
  • Providing services on internal IFRS financial statements:
    • Read the interim financial statements prior to release
    • Advise whether they are IFRS compliant and how to correct any areas that are not compliant