“The adoption of a global set of accounting standards represents the single largest change in financial reporting in our lifetimes. It will remove the need for preparers and users alike to understand the myriad of complex accounting rules that currently apply to companies operating in multiple jurisdictions.”

Paul Bent, Grant Thornton

International financial reporting standards | IFRS

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International financial reporting standards

2008 marked the beginning of the impact of IFRS, and we're just as committed to keeping you informed and helping you get ready now as we were then.

Commencing in 2008, Canadian companies were required to begin reporting on the expected impacts of the International Financial Reporting Standards (IFRS).

Publicly accountable enterprises are required to adopt the new standards; implications for private companies and not-for-profit organizations are under discussion.

What does this mean to Canadian companies?

The changeover to IFRS is planned to take full effect in 2011 with a number of standards being adopted as Canadian GAAP prior to 2011. It is important that you anticipate the impact adopting IFRS will have on your financial reporting and develop an effective plan.

The key to managing change
is preparing for it.

Our IFRS team knows that the time to prepare for an imminent change of this magnitude is now. We’ve prepared the groundwork, and we’re ready to help you assess your needs and manage the change process.

The good news about IFRS

Adopting IFRS will have positive effects on global competitiveness and domestic operations.

Internationally accepted standards of accounting will increase the comparability and transparency of financial information and will therefore allow Canadian companies to be more competitive in the global marketplace through increased access to international capital, funding, and investment opportunities.

Domestically, the benefits are also numerous. From reshaping internal management reporting systems, to improving disclosure of financial results, to creating better benchmarking tools, IFRS will bring a renewed level of strategic value to the financial reporting function.