International Financial Reporting Standards (IFRS) represent a global movement towards a single, unified set of accounting standards recognized world-wide. More than 70 countries have changed to require IFRS reporting by public companies. Canada has decided to join this movement to enable Canadian organizations better access to international capital markets and investments.

The Canadian Accounting Standards Board has approved year ends beginning on or after Jan. 1, 2011 as the changeover date for the move to IFRS. As of that date, publicly traded companies (and certain publicly accountable enterprises) will be required to report their financial results using IFRS.

The effect is potentially extensive, both on an organization’s financial reporting and on its internal processes and policies. Because of this, a significant investment in time, education and managing change is required to ensure a smooth and successful transition to IFRS. 

How MNP can help manage this change
From assessment to implementation and review, MNP can assist your business throughout this process, including:

  • Completing a high level assessment of the key differences between Canadian GAAP and IFRS that will affect your organization.
  • Advising on a conversion strategy and developing a conversion timetable.
  • Advising on the selection of appropriate IFRS accounting policies to best suit your reporting needs.
  • Advising on assessing fair value and impairment tests under IFRS models.
  • Liaising with the audit committee and your auditors regarding implemented changes.
  • Considering impact of IFRS on future budgeting/forecasting.
  • Developing an implementation plan addressing accounting and reporting processes, including IT function.
  • Assisting with strategies for external communication: managing message to analysts and market regarding the expected impact of adopting IFRS.
  • Assisting with conversion of merger and acquisition targets’ accounting.
  • Providing tax planning advice regarding the change to IFRS.

MNP’s team of IFRS leaders can provide customized advice based on your unique situation. If your business requires IFRS assistance in Australia, the UK and other countries, we can connect you with global IFRS specialists through our affiliation with Baker Tilly International.

For more information, contact the local MNP advisor in your area or Jason Kingshott, CA, at 1.877.500.0792.

MNP IFRS Brochure

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