IFRS

As enterprises extend their global reach, and even small enterprises begin to take their business worldwide, the importance of uniform financial reporting is even more apparent. Discrepancies between financial reports for different regions are less acceptable, and in recent years a call has been made for financial reporting to be harmonized. As such the adoption of International Financial Reporting Standards (IFRS) is becoming paramount around the world.

IFRS Update

The Canadian Accounting Standards Board recently confirmed January 1, 2011 as the date IFRS will replace current Canadian generally accepted accounting principles (Canadian GAAP) for publicly accountable enterprises. Over the next three years, public companies will need to prove the IFRS conversion process has indeed been implemented. Outlined below is a summary of the IFRS changeover process as broken down by key dates. Learn more

More information on BDO's IFRS Services