CICA helps Canadian businesses prepare for transition to International Financial Reporting Standards

    TORONTO, June 11 /CNW/ - The Canadian Institute of Chartered Accountants
(CICA) is helping Canada's public companies prepare for one of the most
important financial reporting challenges they will face in the coming years -
the conversion to International Financial Reporting Standards.
    The CICA is bringing together leading financial reporting experts to help
participants anticipate the impact of IFRS and develop plans to ensure a
smooth transition to international accounting standards in time for the
2011 deadline. The forum is a two-day conference on international financial
reporting standards being held by the CICA in Toronto.
    "We are on the edge of a massive change that will alter the way companies
tell their stories to investors and shareholders," said Ron Salole, CICA's
Vice President, Standards. "Adopting international accounting standards will
impact Canadian investors and businesses, and transform the way financial
information is reported in Canada."
    By 2011, all of Canada's 4,500 publicly accountable enterprises will be
required to prepare their financial statements according to International
Financial Reporting Standards (IFRS). Moreover, by the end of 2008, all audits
in Canada will be conducted according to International Auditing Standards
(ISAs). Canada's conversion will take place over the next four years.
    "Transitioning to IFRS is necessary to ensure Canada remains competitive
in an increasingly global marketplace," said Salole. "It is important that
businesses understand what they need to do to prepare for the transition."
    CICA and the Accounting Standards Board have developed an IFRS
implementation plan that identifies the differences between Canada's current
standards and IFRS, indicating what will change in the next four years and
what will not. CICA is also providing education and training programs that
include a variety of courses, conferences, self study programs, and other
learning tools to help stakeholders achieve the level of knowledge and
expertise in the new standards that they will require to successfully manage
the transition.
    Canada's conversion to international accounting and auditing standards is
a direct result of being part of a global economy. "This is an historical time
in standard setting and Canada must be part of it," said Salole.
    "Canada has long been recognized as a leader in developing high quality
standards and best practices for Canadian enterprises. We have also played a
crucial role in international standards. It is our responsibility to leverage
our unmatched Canadian diversity and talents to contribute to building a
single set of high-quality international standards that are globally
accepted," Salole said.

    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

For further information:

For further information: or to arrange an interview, contact Peter
McLean at (416) 204-3268, or by email at

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