The move to International Financial Reporting Standards (IFRS) is a major challenge for everyone involved in financial reporting in Canada: preparers, users, practitioners, professors and students. The CICA Guidance and Support Group have prepared the 2011 edition of Financial Reporting in Canada under IFRS as a primer for understanding and applying IFRS. Chapter 20 of the publication provides guidance on the First-time Adoption of IFRS. Additional resources are available on the CICA’s Transition to IFRS website.
