Canada - Just a few months to go

IFRS transition is just around the corner for Canadian publicly-accountable enterprises. IFRS 1, First-time Adoption of International Financial Reporting Standards, is the most important standard for all first-time adopters of IFRS. The opening balance sheet at the transition date hinges on the successful implementation of this rules-based standard. For preparers of financial statements, the good news is these rules will help make the transition smoother. (Read the August 2009 CAmagazine article Just a few months to go.)