Saturday, January 10, 2009

Communicating IFRS Conversion

In an article in the Canadian CA Magazine titled "Something to talk about", Chris Hicks provides an excellent summary of the communication required by enterprises that convert to IFRS. Perhaps this is a bit early for U.S. companies converting in 2014, but other countries will convert before that.

In the conversion to IFRS, preparers and investors will be best served by complete dialogue in the period leading up to 2011
In 2011 Canadian GAAP for publicly accountable enterprises will convert to international financial reporting standards (IFRS), adding Canada to the 100-plus countries that have adopted IFRS. But what about the two years leading up to the changeover — what should be communicated in management’s discussion and analysis (MD&A) and when should communications occur?

A couple of graphics illlustrate the process:

Please have a look at the full article.

No comments: