Monday, January 5, 2009

Happy New Year, Are you getting ready for IFRS?

Well the IFRS Exorcist is back. I thought that you needed a break from IFRS so I did not post here for two weeks or so. Now I am back and there will be some catching up to do. Rather than posting a big post on everything that has happened I will feed it out to you in smaller bite sizes.

It is important that you have a plan for your IFRS implementation well under way this year. Even though the implementation date for "publicly accountable enterprises" is for years beginning on or after January 1, 2011 you have to have the comparative data in place for the prior year. I have added a count down box on this site to indicate the time to January 1, 2010. You will need to keep dual financial information on Canadian GAAP and IFRS. There may be some retrofitting to do though as you fine tune your research. It will not be optimal to leave you work until 2010 as this will encourage a quick fix - "just the changes ma'm approach". This was a feature of many conversions in the EU and companies have lived to regret this as they have to pick up the pieces later. Who wants to have errors that you have to restate for?

Do not forget that you will have to include information on the progress of your IFRS conversions in your MD&A for your latest year end. See my prior post for information on this. The Securities Commissions will expect to see significant progress on your conversion exercises during 2009.

By the way I spent quite a bit of time on planning over the holiday period. One of my activities involved the development of a new site on hats called Many Hatty Returns ( My hat blog is intended to be a bit of a beta for moving this blog to its own site. I have made preparations for this, including reserving a domain name. I will make sure that I iron out issues before transfer. I will be able to deliver a better product on the new site. If you want to look at the general framework you can take a look at my hat site.

Please refer this blog and the hat blog to people who may be interested.

I am hoping for more interactivity in 2009. Please comment and comment often. Please contact me a with your suggestions.

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