Canada’s CAs helping Boards prepare for transition to IFRS

Canada’s transition to IFRS is due to take effect in 2011. Board and audit committee members are being urged to begin now to address the implications of conversion. IFRS will become the basis of reporting for public companies in this country, replacing Canada’s own Generally Accepted Accounting Principles (GAAP.) To help board members frame the issue and address key considerations, the Canadian Institute of Chartered Accountants (CICA) has prepared a document titled 20 Questions Directors and Audit Committees Should Ask About IFRS Conversions.