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IFRS Compliance

With the increasing complexity of financial information and globalization of markets, the need for harmonized finance is crucial. International Financial Reporting Standards (IFRS) offers such a solution and has already been adopted by more than 100 countries around the world – representing approximately 45% of the world’s capital markets. The Canadian Accounting Standards Board (AcSB) has indicated that Canadian GAAP will be replaced with International Accounting Standards for all publicly accountable Canadian enterprises effective for years ending after Dec 31, 2011. These first public IFRS statements in Canada in 2011 will require 2010 comparatives. While certain private companies will be required to move to IFRS, the majority are expected to have the option of adopting IFRS in moving towards harmonization with the international standard, whether for benchmarking purposes or by board mandate.

Organizational Impact

This transition to IFRS will have a significant impact on Canadian businesses in the upcoming years, requiring companies to review their current accounting controls, policies and operations to determine financial, compliance and systems issues. Adopting IFRS will require close collaboration between IT and finance teams as IFRS will have wide-ranging effects at different levels of information technology systems architecture, requiring significant time and resource commitments.

Realigning information systems will pose a real challenge not just for IT, but for the entire organization. Virtually every application and interface in the system architecture can be affected from “upstream” sources of data to the farthest “downstream” end of reporting tools.

Ideaca Services

Ideaca can provide the skills and expertise from both an IT and business standpoint to help your organization ready your business systems to address IFRS compliance. Specifically, Ideaca can:

  • Work with both auditors and a client's staff to assist in the system changes required as a result of your IFRS adoption
  • Assist in implementing an affordable IFRS compliant ERP system
  • Advise how to set up your Chart of Accounts, Fixed Asset, Inventory and Reporting Modules to ensure easy IFRS accounting
  • Help design and configure reports that extract data necessary for financial statement disclosures

With succesful enterprise solutions implementations for organizations in Toronto, Calgary, and Vancouver, Ideaca is well positioned to deliver IFRS compliant solutions for your organization.