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The IFRS Journey to Readiness: Part 2
September 2009
Following on The IFRS Journey to Readiness: Part 1, KPMG conducted a second survey in June and July 2009, asking 113 Canadian publicly accountable enterprises to assess their IFRS conversion readiness in four phases: scoping, detailed assessment, design, and implementation.
A few key findings from The IFRS Journey to Readiness: Part 2 include:
- The majority of respondents have the scoping phase well in hand. Close to 90 percent of respondents have virtually completed or had made significant progress towards properly scoping the project by establishing a project charter and organizing their teams
- At this time, the majority of companies are focused on assessing their accounting and reporting work streams
- As expected, most companies had not started or were in the early stages of their design activities. There was an equal distribution when it came to conclusions on accounting policy recommendations, including elective exemptions available on first time adoption of IFRS and documented technical positions
- The majority of companies had not begun tackling tasks in the implementation phase.
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