Powell Dorian

International Financial Reporting Standards (IFRS)

The Canadian Accounting Standards Board has announced that IFRS will replace current Canadian GAAP for publicly accountable enterprises as of January 1, 2011.

The transition to IFRS is an accounting-driven exercise; however, its impact extends beyond the Accounting Department and often requires significant changes to business processes and information systems. For these reasons companies are strongly encouraged not to underestimate the amount & technical complexity of work involved.

POWELLDORIAN can assist you through this process. Our detailed transition methodology is a four phase approach that includes:

  • Phase 1 – Preliminary and detailed assessment of GAAP and IFRS differences – including an assessment of IFRS 1 exemptions
  • Phase 2 – Design and detailed conversion planning – including establishing a steering committee and project team and providing preliminary IFRS training, developing a communication plan and working through required systems changes
  • Phase 3 – Implementation and testing – including the finalization of new accounting policies, implementing IFRS 1 and implementing system changes
  • Phase 4 – Post implementation review – including the review of IFRS financial statements, and reviewing all changes in reporting and financial statement close processes

For more information about the conversion from GAAP to IFRS and how it will affect your business, feel free to read PowellDorian's article, IFRS Changeover.

Key Contact

Susan-Clayton-PowellDorian

Susan Clayton, BBA,CGA
Director, Financial Reporting Services

Susan-Clayton-email