IFRS Implementation for Small and Mid-sized Companies

Overview

2010 is a critical year in the transition to IFRS – and unfortunately many small and mid-sized companies find themselves in catch-up mode.  Given the far-reaching affects of the global financial crisis last year, it is understandable if you were unable to allocate the necessary resources to move your transition strategy forward – but it is important to get back on track early in 2010.

Resources to help you at every step   

IFRS – Get to the Point: audio and slide presentation.

Presented by: 

This audio and slide presentation outlines IFRS transition steps and a transition work plan designed specifically for small and mid-sized companies. It is free, online, and organized in two convenient sessions.     

View the Presentations
Session 1:  Transition Basics & Focusing your Effort
Session 2:  Practical and Effective IFRS Accounting Policy Analysis

Download the Presentations (PDFs)
Session 1:  Transition Basics & Focusing your Effort
Session 2:  Practical and Effective IFRS Accounting Policy Analysis

The Get to the Point framework:

Selected Resources

To save you time, we’ve provided a sample of resources below that you may find relevant for some of the key IFRS transition steps outlined in the IFRS - Get to the Point audio presentations.  

• Identify Key Accounting Issues - Compare Canadian GAAP to IFRS
  • High-level overview of differences
    • Summary Comparison of Canadian GAAP (Part V) and IFRSs (Part I) as of December 31, 2009 (34 pages) (AcSB)
    • IFRS Compared to Canadian GAAP: An Overview (KPMG)
  • Detailed review of the differences
    • Comparison of IFRSs (Part I) and Canadian GAAP (Part V) as of December 31, 2009 (130 pages) (AcSB)
    • iGAAP: IFRS for Canada, 2^nd Edition ($) - Deloitte
    • IFRS-Canadian GAAP Difference Series (BDO)
      
      
• Analyze Accounting Standards and Determine Your Accounting Policies
  • Learn the standards and understand your accounting policy alternatives
    • Get your copy of IFRS - summarizes the various ways to access IFRSs, what each resource contains and how often it is updated.
    • Use our IFRS Learning Path Tool to assess your learning needs, understand your IFRS education options and then build your IFRS learning path.
    • Financial Reporting in Canada under IFRS (2011 Edition) ($) (CICA)
  • Track which standards are changing
    • IASB work plan - projected timetable
    • AcSB Work Plan and Projects
  • Deal with first-time adoption issues – IFRS 1 exemptions and exceptions.
    • Financial Reporting in Canada under IFRS (2011 Edition), Chapter 20 - First-time Adoption of IFRS. (available by free download) This chapter comprehensively deals with first-time adoption transitional areas such as discussion of optional exemptions and mandatory exceptions and their application. It also provides excerpts of first-time adopter interim and annual IFRS financial statements and note disclosures and sample IFRS Management Discussion and Analysis disclosures before and after the changeover.
    • The Road to IFRS, a practical guide to IFRS 1 and first-time adoption (Grant Thornton). The focus of this guide is on the accounting aspects of first-time adoption. The guide is intended to assist companies and auditors in applying the challenging aspects of IFRS 1, and provides several examples of practical application.
    • Complimentary access to the IFRS 1, First-time Adoption Essentials presentation from the 2009 CICA Financial Reporting and Accounting Conference. The presenters are Clair Grindley, CA, of Deloitte and Benoit Caron, CA, who is leading Canada Post’s transition to IFRSs.
    • For a deeper understanding about how to apply IFRS
    • Financial Reporting in Canada under IFRS (2011 Edition) ($)

• Implementing IFRS
  • IFRS Financial Statements
    • IFRS Financial Statements - Examples
    • Use standards compliance checklists and questionnaires – presentation and note disclosure requirements.
  • First Interim IFRS Financial Statement
    • Interim Financial Statements in the Year of Adoption of IFRS (AcSB)
  • Impact on Processes and Internal Controls
    • IFRS Conversions - What CFOs Need to Know and Do (CICA)
    • IFRS Conversion: Implications for CEO and CFO certifications (KPMG)