IFRS Conference opens in Toronto

TORONTO - A two-day conference is underway in Toronto focusing on the world-wide migration to a common financial reporting language known as International Financial Reporting Standards (IFRS).

More than 750 have registered for the gathering. The IFRS - North America Conference is a joint presentation by The International Accounting Standards Committee (IASC) Foundation, and The Canadian Institute of Chartered Accountants (CICA). This significant international event brings Sir David Tweedie, Chairman of the International Accounting Standards Board (IASB), and other members of the IASB to Canada.

Others in attendance include senior representatives from the Canadian Accounting Standards Board (AcSB), the U.S. Financial Accounting Standards Board (FASB), regulators from Canada and the United States, and international financial reporting experts.

Preparations have begun in Canada for the changeover to IFRS. Businesses increasingly make decisions in a global context and the move to international standards will place Canada on the same reporting playing field as more than 100 other countries, including the U.K. and Australia.

The new international standards will apply to Canadian publicly accountable enterprises. In general, these can include publicly-listed companies, certain government corporations and enterprises with fiduciary responsibilities such as banks, insurance companies, credit unions and securities firms. The official changeover date is for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011.

"The pace of movement to a global marketplace has accelerated and underlines why a single set of standards is so important," said Sir David Tweedie. "Canada will be well served by IFRS in today's emerging global economy."

Canada's Chartered Accountants are encouraging Canadian business leaders to start planning now for the changeover to IFRS. "The earlier preparation begins, the smoother the transition," noted Ron Salole, Vice-President, Standards with the CICA.

The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 72,000 CAs and 10,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).