Transition to IFRS

Canadian standard setters expect public companies by the end of 2008 to have completed their planning for the transition to International Financial Reporting Standards (“IFRS”) and assessed the anticipated effect on their financial reporting.  The results of these planning and assessment efforts are expected to be disclosed at year-end 2008 to the public as well as to lenders, employees, and other specific users of financial information.

Based on this timeline, planning needs to start soon to ensure readiness. There are significant steps to consider now, including planning, training, current convergence of Canadian and IFRS standards, and resourcing.

Because the monitoring of required disclosures is within the responsibility of audit committees, they must ensure:

• Management is aware of the issues and the timeline, and has the resources and skills to implement IFRS efficiently and effectively.
• Management has assessed the effects of IFRS on reporting and on all other areas of the business.
• Management has prepared an implementation plan that includes controls that will maintain reporting integrity along with IFRS compliance.

GrossmanCGA professionals have significant experience in implementing IFRS.  We can assist by advising on the implementation process, providing fully-managed solutions, or providing supervised and unsupervised IFRS implementation staff at all levels.

Please contact us for more information.

Contact

Telephone:
(647) 333-7229

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(416) 849-0241

Email:
info@grossmancga.com

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www.GrossmanCGA.com