5. Some resources make reference to the “changeover date” and the “transition date”. What is the difference?

The term “changeover date” is used by the Canadian Accounting Standards Board when referring to January 1, 2011, the date when IFRSs replaced current Canadian standards and interpretations as GAAP for publicly accountable enterprises and government business enterprises.

The term  “transition date” is defined in Appendix A of IFRS 1, First-time Adoption of International Financial Reporting Standards as follows: “The beginning of the earliest period for which an entity presents full comparative information under IFRS in its first IFRS financial statements.”