Evaluating the Choices in Applying IFRS 1

Canadian publicly accountable entities should now have commenced their evaluation of the effects on their organization of adopting International Financial Reporting Standards (IFRS). A key step in that evaluation is to study IFRS 1, First-time Adoption of International Financial Reporting Standards. Application of IFRS 1 will greatly assist IFRS adoption, but it also requires evaluation of accounting policy choices. There are a number of considerations Canadian entities should take into account in applying IFRS 1. (Read Evaluating the Choices in the latest issue of CAmagazine.)