TORONTO, Feb. 13 /CNW/ - Canada's Chartered Accountants call the
confirmation of a changeover date to International Financial Reporting
Standards (IFRS) good news for both the business community and investors.
The Canadian Accounting Standards Board today announced that 2011 is the
changeover date for publicly-listed companies to use IFRS, replacing Canada's
own Generally Accepted Accounting Principles (GAAP). The date is for interim
and annual financial statements relating to fiscal years beginning on or after
January 1, 2011.
"A firm date brings certainty for business leaders in planning for IFRS,"
said Kevin Dancey, FCA, President and CEO, Canadian Institute of Chartered
Accountants (CICA). "Canada must be competitive on the global stage and moving
to IFRS will help accomplish that. Adoption of international standards will
secure Canada's place in global capital markets and make it easier for a
Canadian company to tell its story to potential investors around the world."
Moving to IFRS will bring Canada into step with a parade of more than
100 countries that have already completed the transition. Those using IFRS
include the European Union, Australia and New Zealand.
"Canada's decision to confirm a changeover date, coupled with
deliberations by the U.S. Securities Exchange Commission to allow American
companies to file under IFRS, signals that a truly global language for
financial reporting may not be that far off," said Ron Salole, Vice-President,
Standards with the CICA. "Embracing a single set of global accounting
principles will promote comparability for publicly traded companies world
The CA profession is ready to respond to the needs of Canadian
publicly-traded enterprises to help them better understand and prepare for the
transition to IFRS.
"The earlier enterprises begin preparing, the smoother the transition,"
said Salole. "The firm changeover date sends a clear signal to business
leaders to start preparing now for the global accounting world of tomorrow."
The CICA has launched a dedicated IFRS web site (www.cica.ca/IFRS) that
offers a variety of resources to assist individuals and companies through the
transition process. In addition, a major conference on IFRS is being staged in
Toronto from April 23-25, 2008. The conference will provide critical insight
directly from the International Accounting Standards Board, the Canadian
Accounting Standards Board and their American counterpart.
The Canadian Institute of Chartered Accountants (CICA), together with the
provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants,
represents a membership of approximately 72,000 CAs and 10,000 students in
Canada and Bermuda. The CICA conducts research into current business issues
and supports the setting of accounting, auditing and assurance standards for
business, not-for-profit organizations and government. It issues guidance on
control and governance, publishes professional literature, develops continuing
education programs and represents the CA profession nationally and
internationally. CICA is a founding member of the International Federation of
Accountants (IFAC) and the Global Accounting Alliance (GAA).
For further information:
For further information: or to arrange an interview with a CICA
spokesperson, contact: Tobin Lambie, Media Manager, CICA, (416) 204-3228,