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International Financial Reporting Standards Canada has agreed to adopt the International Accounting Standards of IFRS for all publically accountable corporations by January 2011. IFRS provides the benefit of a global standard providing consistency, comparability and greater transparency for stakeholders such as investors, bankers, creditors and customers. However, there are several significant areas related to IFRS that are a radical departure from Canadian GAAP. Major examples of these changes include handling of fixed assets, interest capitalization, impairments, inventories, income taxes and leases. Even the format of financial reporting has tremendous differences than the current generally accepted accounting principles of today.
 Under estimating the effort associated with adopting IFRS can be a fatal mistake. Proper planning and monitoring of activities ensures organizations stay on target. Complex handling of identifying assets by components with different depreciation and amortization rates requires much greater detail than accounting processes and the systems to record such information are handled today. Educating staff, modifying processes, procedures and systems, developing new accounting policies and communicating to management is vital to the successful adoption of IFRS.
Strategic Project Solutions provides a workable approach. Utilizing our expertise in financial systems projects based on solid project management and change management methodologies enables organizations to keep on track. Equally important is working with project managers and consultants who are trained in the handling of complex accounting matters. Whether full time, part time, or assistance in the planning aspects of preparing your organization, Strategic Project Solutions has the right approach and mix of consultants to deliver effective results.
Contact us today to discuss how we can help you prepare for IFRS!
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Success Stories
Challenge – large utility firm unbundling services into spin-off company. Project functional areas of finance and HR solutions were far behind other program deliverables, thereby jeopardizing entire program. Five month turn around required to meet firm date.Size – $3 million project involving 12 team members.Response – brought in as replacement
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Training
Customized courses for clients. Examples include:
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