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The Transition to IFRS: Implications for the Audit Committee
Reprinted from the 2007-01 issue of Canadian Audit Committee Update, this article considers Canada's upcoming transition to International Financial Reporting Standards from the perspective of the audit committee as well as the board.
Canada's move to IFRS affects publicly traded companies and other publicly accountable enterprises. Because of the magnitude of the change as well as its timing—some actions and decisions may be required as early as 2008—affected enterprises should act soon.
This publication focuses on the upcoming transition in Canada, its timing and how audit committees should be beginning to prepare for their oversight of this change. Because this transition is more than just an accounting change—it will permeate the organization-the audit committee also needs to ensure the board, other board committees and stakeholders are educated about the change. To help the audit committee understand potential bumps along the way, the article also summarizes a few of the lessons learned by companies in Europe and Australia from their experience in 2005.
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Read the Audit Committee Institute publication The Transition to IFRS: Implications for the Audit Committee
File Name: 3240_IFRS AC 2007 4PG_v3.pdf File Size: 556kb |
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To download: Right-click the link and select "Save Target As..." (PC) or control-click and select "Download Link to Disk" (Mac). Adobe Reader is required to read the PDF.
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