In general terms, the adoption of the International Financial Reporting Standards (IFRS) is scheduled for 2011 in Canada and 2014 in the U.S., replacing the local GAAP (Generally Accepted Accounting Principles) in both countries as the standard of financial reporting for all publicly accountable firms. The change to IFRS-compliant reporting will not only affect those involved in the development of financial information, but also those who use this information, including shareholders.
As evidenced by efforts to date within the European Union (EU), which have ultimately yielded successful results, the transition to IFRS can be quite challenging. Companies undertaking it need to understand what the IFRS transition is all about, what it involves and more importantly, how to be properly prepared.
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