Small and medium-sized companies need to be proactive and consider their
TORONTO, Oct. 22 /CNW/ - The biggest change to financial reporting in Canada in recent history is almost upon us and companies should view it as a strategic opportunity to improve their financial reporting, say the Canadian Public Accountability Board (CPAB) and the Accounting Standards Board (AcSB).
That's why the two organizations are joining forces to host a webcast on November 5, 2009 from 2 p.m. to 3 p.m. EST that will set out a roadmap on what small and mid-sized companies should be doing now to prepare for Canada's conversion to International Financial Reporting Standards (IFRS) on January 1, 2011.
"Conversion to IFRS brings both risks and opportunities for companies," said CPAB Chief Executive Officer Brian Hunt. "In our view, IFRS creates opportunities for companies to identify and select options that most faithfully represent their financial results and position. Our goal for this webcast is to encourage companies, and their auditors, to be proactive and to take the steps they need to now to ensure an effective and smooth transition to IFRS."
More than 100 countries have already adopted IFRS, and CPAB and AcSB believe Canadian companies can benefit from the lessons learned elsewhere.
"In Europe, Australia and other countries, many companies underestimated some aspects of the conversion to IFRS," said AcSB Chair Tricia O'Malley. "If Canadian companies wait until the last minute to address the conversion, they risk missing a strategic opportunity to improve their financial reporting, including providing more meaningful disclosures that will be the most helpful to stakeholders."
The hour-long webcast will identify the key steps that companies and their auditors should take to prepare for IFRS, including how they can use the conversion as an opportunity to streamline accounting and reporting processes, enhance decision-making and improve internal controls. It will also stress the need for companies to identify industry-specific issues early and to focus on IFRS elements that will have the greatest impact on their financial reporting. Other topics to be covered include the importance of an effective dialogue among management, boards and auditors as they map out a transition plan and CPAB's expectations of audit firms as they prepare for the implementation of IFRS.
The webcast will assist CEOs, CFOs, audit committees, board directors and public accounting firms. Participants will be able to ask questions.
"Time is of the essence," said Hunt. "It is critically important that companies identify the higher impact areas of IFRS conversion early and dedicate adequate resources to address them."
The webcast, which is open to the media, will run from 2 p.m. to 3 p.m. EST on Thursday, November 5, 2009. To register, visit event registration (https://event.on24.com/eventRegistration/EventLobbyServlet?target=registration.jsp&eventid=170484&sessionid=1&key=049AC02C5EA4C00789604043182B0EEB&sourcepage=register).
The Canadian Public Accountability Board is an audit regulator that oversees the auditors of Canadian public companies. CPAB's mission is to contribute to public confidence in the integrity of financial reporting of public companies by promoting high quality, independent auditing. www.cpab-ccrc.ca
The Accounting Standards Board is responsible for establishing standards of accounting and reporting by Canadian companies. www.acsbcanada.org
SOURCE Canadian Public Accountability Board
For further information: For further information: or to arrange an interview, please contact: Andrea Linhofer, Senior Reviewer, CPAB, (416) 913-8260 ext. 4189, firstname.lastname@example.org; Lisa Pretty, Communications Manager, AcSB, (416) 204-3482, Lisa.Pretty@cica.ca