Canada - Readiness for Transition to IFRS

Many executive CAs believe their companies are well positioned for Canada’s transition to International Financial Reporting Standards (IFRS) but some are still in the early stages of preparation, according to the latest CICA/RBC Business Monitor (Q1 2010). Of the respondents whose companies will need to adhere to IFRS, 79% indicated that it is very likely they will be ready for the changeover. Another 16% stated it is somewhat likely they will be ready. The move to IFRS is mandatory in 2011 for publicly-accountable enterprises. (Read the CICA Media Release.)