Canada - IFRS and the Opening Balance Sheet

Canadian companies adopting International Financial Reporting Standards (IFRS) are required to prepare an opening IFRS balance sheet on the transition date. This statement of financial position must reflect retrospective application of any accounting policies that will change on adoption of IFRS. For companies with a calendar year end, the transition date is January 1, 2010 (which is different than the adoption date of January 1, 2011). Practically speaking, it is a re-statement of the December 31, 2009 Canadian GAAP balance sheet, in accordance with accounting policies under IFRS. (Read more at In the Loop on the Canadian Standards in Transition website.)