9. When should affected entities start preparing for the change to IFRSs and when should they start gathering data under IFRSs?

Publicly accountable enterprises that have not already started preparing for the 2011 adoption date now require aggressive strategies to catch up – it is vital to assess the impact of IFRSs immediately.

Collecting appropriate financial information must begin in fiscal year 2010, the year prior to adoption, to allow affected entities to provide comparative information when the first statement is prepared in accordance with IFRSs. For example, a company whose fiscal year ends on December 31, 2011 should have started collecting information in accordance with IFRSs requirements on January 1, 2010. If existing data collection systems require changes to collect different data required by IFRSs, sufficient time must be allotted for development and testing.