Canada – Is IT ready for IFRS?

Publicly-accountable businesses in Canada now have their sights set on January 1, 2011, as the formal conversion date from Canadian GAAP to international financial reporting standards (IFRS). However, in addition to reporting under IFRS for the 2011 fiscal year, companies with a December year-end need to issue comparative financial statements for the preceding year under IFRS. This means many will need an IFRS-compliant opening balance sheet starting as early as this month -- January 2010. (Read the CAmagazine online article Is IT ready for IFRS?)