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IFRS Conversion: Implications for CEO and CFO Certifications
April 2009
Most companies have begun their changeover to International Financial Reporting Standards (IFRS), as IFRS will replace Canadian generally accepted accounting principles for fiscal years beginning on or after January 1, 2011.
Certain Canadian-listed domestic issuers are required to report their first set of IFRS financial statements in the first quarter of 2011. At the same time, certifying officers of non-venture issuers will need to certify on the design and implementation of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR).
Certifying officers will now need to consider whether adequate controls are in place to address IFRS conversion challenges. To assist in this endeavor this publication reviews potential issues affecting DC&P and ICFR from three perspectives:
- regulatory considerations regarding the company's changeover to IFRS
- activities to support initial reporting under IFRS
- implications for ongoing certifications.
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