International Financial Reporting Standards (IFRS) represent a global movement towards a single, unified set of accounting standards recognized worldwide. More than 100 countries have changed to require IFRS reporting by public companies. Canada has decided to join this movement to provide Canadian organizations better access to international capital markets and investment opportunities.
IFRS – Gearing up for 2011
The Canadian Accounting Standards Board (AcSB) has approved the changeover date for the move to IFRS for year ends beginning on or after January 1, 2011. From that date on, companies are required to report their financial results using IFRS.
The move to IFRS is potentially extensive, both on an organization’s financial reporting and on its internal processes and policies. As a result, a significant investment in time, education and managing change is required to ensure a smooth and successful transition to IFRS.
Working closely with your team, MNP LLP can advise your organization on every facet of managing this change to help ensure a smooth, seamless transition to IFRS.
In addition to IFRS services, MNP has the knowledge and experience to assist with audit and assurance services as well as with through our group.