Financial Reporting in Canada under IFRS - First-time Adoption of IFRS

The move to International Financial Reporting Standards (IFRS) is a major challenge for everyone involved in financial reporting in Canada: preparers, users, practitioners, professors and students. The CICA Guidance and Support Group have prepared the 2011 edition of Financial Reporting in Canada under IFRS as a primer for understanding and applying IFRS. Chapter 20 of the publication provides guidance on the First-time Adoption of IFRS. Additional resources are available on the CICA’s Transition to IFRS website.

The IFRS deadline is finally here, and while there has been a great deal of preparation, it's not over yet.

The long-awaited dawn of International Financial Reporting Standards (IFRS) in Canada has finally arrived. IFRS became Canadian generally accepted accounting principles for most public companies on January 1, 2011. But experts advise adopters not to become complacent in the early days of this new era in financial reporting. Read the article "Finishing Touches" in the January-February 2011 edition of CAmagazine online.