IFRS
As even small enterprises begin to extend their global reach, the importance of uniform financial reporting is increasingly apparent. Discrepancies between financial reports for different regions are less acceptable and, in recent years, there has been a call to harmonize them instead. As such, the adoption of International Financial Reporting Standards (IFRS) is becoming paramount around the world.
This universal response has prompted the Accounting Standards Board (AcSB) to decide that, for fiscal years beginning on or after January 1, 2011, publicly accountable enterprises in Canada will be required to adopt IFRS. Therefore, the first annual financial statements impacted by the conversion will be those of December 31, 2011. The first quarterly statements impacted will be the three months ending March 31, 2011.
The AcSB has preliminarily defined publicly accountable enterprises as:
a) Entities that have issued, or are in the process of issuing, debt or equity instruments that are, or will be, outstanding and traded in a public market, or
b) Entities whose primary business is to hold assets in a fiduciary capacity for a broad group of outsiders such as banks, credit unions and insurance companies – including auto, crop, health and workers’ safety.
Our professionals are ready to help you prepare for the transition to IFRS. We offer high quality audit and consulting services, in addition to other advisory services to assist your company in becoming IFRS compliant. At BDO, we are up-to-date on the latest information and procedures involved in this transition in order to provide our clients with the best possible services.
IFRS Webinars
BDO is excited to announce the launch of a series of webinars to assist Canadian companies in their transitions to IFRS. We will focus our topic areas by industry sector to facilitate discourse of specific areas, and to foster an environment conducive to the expectations of CFOs and controllers across the country. In addition, general topic sessions affecting all entity types will be presented by IFRS accounting issues. Learn more
IFRS for Public, Private or Non-Profit organizations
Learn more about how IFRS can add value to your information systems.
IFRS NEWS - IFRS News is BDO's regular update on what's just arrived in the world of IFRS.
Contact BDO:
For more information, or to speak with a BDO professional, please contact us at ifrs@bdo.ca.
For IFRS Conversion services, please contact:
Sam Khoury
National Partner, Risk Advisory Services
