Saturday, November 03, 2007

Canada - Getting with the IFRS program

More firms are getting with the program when it comes to implementing international financial reporting standards, according to a survey done by Resources Global Professionals at the CICA International Financial Reporting Standards Conference in June 2007. Seventy-nine percent have formulated a strategic plan for IFRS, up from 50% last year. It’s no surprise that there was an increase in the execution of each area of an IFRS strategic plan. Eighty-seven percent have identified the standards to be adopted; 84% have identified areas that are at risk and the resulting issues; 81% have reviewed their financial accounting procedures and 78% are training their staff in IFRS. (See Getting with the IFRS program.)