IFRS at a glance

In 2011, the accounting framework under which financial statements are prepared for all publicly accountable enterprises is scheduled to change to International Financial Reporting Standards (IFRS). Generally accepted accounting principles (GAAP) in Canada, as we currently know them will cease to apply for this group of entities and will be replaced by IFRS. IFRS are being promoted as a single set of high quality, understandable and enforceable global standards.

The benefits of IFRS

Using IFRS should enable Canadian companies to increase their global reach, providing shareholders and regulators with financial information that has enhanced comparability and transparency. Companies should have easier access to international capital, funding, and investment opportunities

The IFRS Challenge

Converting to IFRS will be one of the most fundamental changes that publicly accountable enterprises will have to deal with over the next few years. Such an important change will bring with it both significant risks and opportunities, and boards need to be prepared for the changes if they are to adequately fulfill their function in this area and discharge their overall stewardship responsibility.


IFRS Timeline



PSB Boisjoli advantage

With a January 1, 2010 transition date and a January 1, 2011 IFRS deadline rapidly approaching, PSB Boisjoli’s team of professionals can assist in identifying the key IFRS transition issues affecting your company and develop a tailored transition plan that will allow for a seamless conversion to IFRS. Managing it from the planning phase through to assistance on the its full implementation and continuing to be involved until the post-implementation review is complete.

For further information about our services please contact us.