Canada - Transition to IFRS and communicating the impact of the changeover

The Canadian Institute of Chartered Accountants (CICA) is providing guidance to help public companies summarize for investors the effects of the changeover to International Financial Reporting Standards (IFRS). Most Canadian public companies will commence reporting in accordance with IFRS in 2011. At that time, the changeover will potentially result in numerous changes to an entity’s financial statements. A new publication by the CICA titled Transition to IFRSs – Communicating the Impact of the Changeover focuses on using Management Discussion and Analysis (MD&A) to explain the effects of the move to international standards. Additional guidance is also available regarding Examples of IFRS transition-related disclosure in Canadian issuer MD&As.