IFRS Canada | RSM Richter (original) (raw)

Publicly accountable enterprises in Canada will soon undergo a fundamental change to their financial reporting. They will be required to switch from Canadian GAAP to IFRS for purposes of financial statement preparation. Changes required to comply with IFRS involve more than might initially meet the eye. These changes could impact a business from its technology and finance departments to compensation plans as well as board and audit committees. IFRS Training	Download our IFRS Brochure
IASeminars, the international leader in IFRS training, is bringing its IFRS expertise to Canada. With these in-depth courses, you will walk away with practical knowledge and strong methodologies that will help chart the course of your IFRS conversion. Prepare for your conversion by visiting the IASeminars web site for their schedule of IFRS courses & workshops in Canada, offered in collaboration with RSM Richter. Key dates to remember : December 31, 2008 – Publicly accountable enterprises must discuss the status of the key elements and timing of their changeover plans. During the preparation of their interim MD&A, if changeover plans are already in place, publicly accountable enterprises should address the status of the key elements and timing of their changeover plans. December 31, 2009 – For the interim MD&A, an update of progress should be discussed. For the annual MD&A, major identified differences between IFRS and Canadian GAAP should be discussed, including the impact of any future changes to IFRS, in addition to the progress disclosure regarding the status of the key elements and timing of changeover plans already discussed in the previous year. January 1, 2010 – First year for the collection of comparative information for inclusion with 2011 financial statements. December 31, 2010 – Last year of reporting under current Canadian GAAP. For the interim and annual MD&A, an updated discussion of the preparations for changeover is required, including a more detailed discussion of the key decisions and changes made relating to accounting policy choices available under IFRS 1 and other individual IFRS standards, disclosing quantified information about the impact of IFRS on key line items presented in the financial statements. January 1, 2011 – Publicly accountable enterprises will be required to switch from Canadian GAAP to IFRS for their financial statements with comparatives for 2010	Read our IFRS newsletter Feb. 2008 Edition AcSB Latest News 12/05/08 CSA Guidance on the Effect of the Transition to IFRSs 07/04/08: Accounting Standards Board Releases IFRS Exposure Draft

Publicly accountable enterprises in Canada will soon undergo a fundamental change to their financial reporting. They will be required to switch from Canadian GAAP to IFRS for purposes of financial statement preparation. Changes required to comply with IFRS involve more than might initially meet the eye. These changes could impact a business from its technology and finance departments to compensation plans as well as board and audit committees. IFRS Training

Download our IFRS Brochure

IASeminars, the international leader in IFRS training, is bringing its IFRS expertise to Canada. With these in-depth courses, you will walk away with practical knowledge and strong methodologies that will help chart the course of your IFRS conversion. Prepare for your conversion by visiting the IASeminars web site for their schedule of IFRS courses & workshops in Canada, offered in collaboration with RSM Richter. Key dates to remember : December 31, 2008 – Publicly accountable enterprises must discuss the status of the key elements and timing of their changeover plans. During the preparation of their interim MD&A, if changeover plans are already in place, publicly accountable enterprises should address the status of the key elements and timing of their changeover plans. December 31, 2009 – For the interim MD&A, an update of progress should be discussed. For the annual MD&A, major identified differences between IFRS and Canadian GAAP should be discussed, including the impact of any future changes to IFRS, in addition to the progress disclosure regarding the status of the key elements and timing of changeover plans already discussed in the previous year. January 1, 2010 – First year for the collection of comparative information for inclusion with 2011 financial statements. December 31, 2010 – Last year of reporting under current Canadian GAAP. For the interim and annual MD&A, an updated discussion of the preparations for changeover is required, including a more detailed discussion of the key decisions and changes made relating to accounting policy choices available under IFRS 1 and other individual IFRS standards, disclosing quantified information about the impact of IFRS on key line items presented in the financial statements. January 1, 2011 – Publicly accountable enterprises will be required to switch from Canadian GAAP to IFRS for their financial statements with comparatives for 2010

Read our IFRS newsletter Feb. 2008 Edition AcSB Latest News 12/05/08 CSA Guidance on the Effect of the Transition to IFRSs 07/04/08: Accounting Standards Board Releases IFRS Exposure Draft

Switching from GAAP to IFRS is not an easy task. Many publicly accountable enterprises will need additional assistance to meet these deadlines. Do you have the training in place to ensure your staff understands IFRS and the reporting changes? Will the conversion affect your compensation plans? Will it affect your audit committee? Do you know how IFRS will affect your systems and technology department? The list goes on… The transition from Canadian GAAP to IFRS affects more than just your financial statements—so don’t be left behind.

Our professionals at RSM Richter can pave the way for a smooth transition. Our tailored approach takes into account the specific needs of each client with the following objectives:

Facilitate the transfer of the knowledge and experience of our IFRS team to our clients
Help clients focus on broader and very important business issues of the conversion as well as the detailed financial reporting challenges
Enable clients to plan their conversion so as to maximize the value gained from the significant time and money that will be invested in it
Assist clients in avoiding a last-minute rush that can inevitably lead to additional costs and other inefficiencies
Facilitate clients’ consideration of the likely ongoing impacts of reporting in accordance with IFRS with regards to the nature of their business and growth plans

****Click here for more details on our IFRS methodology.**

We can learn from the past. While the move deadline to IFRS is quickly approaching, Canadian companies have been given more time for the conversion process than our European counterparts. As an international firm, RSM Richter is able to learn from the challenges of past conversions in other parts of the world. In Europe, many companies found that they: underestimated the magnitude of the effort required to convert waited too long before starting the conversion process and did not spend enough time in the planning phase failed to create a formal process for issue identification and resolution and also suffered from poor project management invested heavily in training finance staff, upgrading IT systems and renegotiating contracts (debt agreements and financial covenants, compensation, and other agreement)

IFRS Illustrative Consolidated Financial Statements for the year ended 31 December 2007.

Contact our IFRS Team Leaders below to learn more about how we can make your transition to IFRS a smooth one.