Effective communication cannot happen without an understanding of the needs of the audience. In preparing the first IFRS interim reports, adopters should try to look at the information through the same lens as the people who are seeing it for the first time, most of whom are on a steep IFRS learning curve. Do the reports convey the intended message? Will the readers of those reports be able to discern whether changes in the statements are a reflection of business performance or the new standards? Watch for unintentionally raising red-flags by what is said – or not said. Adopters issuing their first quarter reports under IFRS have an important story to tell. How it is told will affect how it is interpreted. Helpful resources can be found on the
CICA’s IFRS website including: (1)
IFRS Financial Statements – Examples: A sampling of interim IFRS financial statements provided by first-time adopters. (2)
Meeting Regulatory Requirements: A web page that provides OSC guidance on MD&A disclosure, including a publication called Ontario Securities Commission Issuer Guide: Top 10 Tips for Public Companies Filing Their First IFRS Interim Financial Reports. (3)
A Review of 2010 Financial Statement Disclosures and What to Expect in 2011: An audio/slide presentation that discusses how financial analysis will be different in an IFRS world. The CICA is providing free access to this recording. Other useful IFRS audio presentations are available at the
CICA Xtensions Learning Centre.
