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The IFRS Journey to Readiness: Part 1
In spite of financial pressures created by the global recession, many Canadian publicly accountable enterprises are making good progress as they convert to IFRS.
Based on a KPMG survey of these companies preparing for IFRS, this white paper investigates how prepared these companies feel. This survey was conducted between December 2008 and February 2009. Financial professionals at 120 Canadian companies were asked to gauge what stage their company was at in their IFRS conversion projects.
A few key findings from the report include:
- On average, survey respondents felt they were three-quarters of the way through the completion of the initial scoping phase, which includes activities such as designating resources to the project, raising awareness, and performing a high level diagnostic assessment of accounting differences.
- 44 percent of respondents indicated that they had made significant progress regarding the analysis of their IFRS 1 options and the impact such choices will have on their accounting and financial reporting going forward.
- 59 percent of respondents have developed a mechanism to track IFRS project issues and establish communications between key corporate stakeholders, including project teams and Audit Committee members.
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 PDF documents.
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