 January 1, 2010 began the transition year for most Canadian publicly accountable enterprises in their move to International Financial Reporting Standards ("IFRS"). By adopting IFRS Canadian publicly accountable enterprises are enabled to provide shareholders, regulators, and other stakeholders with financial information that has enhanced transparency and consistency, as well as global comparability. In moving to IFRS, everyone involved in financial reporting for these enterprises will encounter a real learning curve. IFRS represents a complete change in the language of financial reporting. Enterprises should therefore take time to identify how adopting IFRS will likely affect their financial reporting, and implement plans for effectively making the change. Public issuers are expected to disclose, in their 2010 interim and annual MD&A, available quantified information on the impact of IFRS on key line items in their financial statements. Of course, like all accounting standards, IFRS continues to evolve. Understanding and keeping up with ongoing revisions and amendments is an important responsibility of all enterprises using IFRS. IFRS presents challenges at all stages of the IFRS conversion lifecycle. Many challenges are unique to your industry or country.
Whether you are considering a conversion to IFRS, are committed to making the change, or are already an IFRS reporter, McGovern, Hurley, Cunningham, LLP can help you.
McGovern, Hurley, Cunningham, LLP has experience in helping clients transition from local GAAP to IFRS and assists clients to provide accurate and meaningful IFRS financial reports. Our IFRS specialists can guide you through all stages of the IFRS reporting lifecycle including:
- Conversion to IFRS
- Preparation of IFRS financial statements
Contact our IFRS Team Leaders below to learn more about how we can help you with IFRS related questions:
Nicole Guilmette
nguilmette@mhc-ca.com |
