International Financial Reporting Standards (IFRS) is a global transition towards a single, unified set of accounting standards recognized world-wide. With more than 70 countries having changed to IFRS for public companies, Canada has decided to join with the IFRS 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 January 1, 2011 as the changeover date for the move to IFRS for publicly traded companies (and certain publicly accountable enterprises).

EXG can provide your organization with a number of services in assessing your requirements to move to IFRS including:

1. How IFRS will effect your organization’s reporting requirements and the key differences

    between Canadian GAAP and IFRS.

2. Provide direction and advise on the following for your organization:

• Appropriate IFRS accounting policies to best suit your reporting needs.
• Tax planning regarding the change to IFRS.
• Assessing fair value and impairment tests under IFRS models.
• Strategies for external communication for analysts and the market.

 

3. Liaising with the audit committee and your auditors regarding implemented changes

4. Developing an implementation plan addressing accounting and reporting processes, including IT function.