Not 'If' But 'When': International Financial Reporting Standards (IFRS) - It's About More Than Accounting Policies
In 2011, Canada is scheduled to abandon Canadian Generally Accepted Accounting Principles (GAAP) and join over 100 countries including the European Union, Australia and New Zealand in adopting International Financial Reporting Standards (IFRS). A successful transition to IFRS is extremely important for all companies seeking to compete aggressively in global capital markets. Accenture's extensive experience helping a diverse sampling of European companies make the switch earlier this decade shows that IFRS planning ideally starts from two to three years prior to the "go live" official implementation date. IFRS is more complex than Canadian GAAP, and IFRS requires additional levels of disclosure.