Meeting The IFRS Challenge
Posted by Plus Sales on Tue, Mar 02, 2010 @ 02:39 PM
By Mitch McNicol, mitch@plus.ca
The IFRS Challenge
There's no longer any doubt: International Financial Reporting Standards (IFRS) are coming down the pipeline. The business and accounting press are full of news about IFRS, and businesses are realizing they need to pay attention.
Over 100 countries now require or permit IFRS reporting, including Hong Kong, Malaysia, Australia, India, Pakistan, Turkey, Singapore, Russia, South Africa, and also the European Union and the Cooperation Council for the Arab States of the Gulf.
In the U.S., the Securities Exchange Commission (SEC) has proposed a tentative roadmap to IFRS that features a set of progressive milestones. As proposed, the roadmap would let about 110 companies use IFRS for their end-of-year SEC filings for fiscal years ending after December 15, 2009. For the years 2012 and 2013, companies will need to run U.S. Generally Accepted Accounting Principles (GAAP) and IFRS reporting in parallel in preparation for 2014 when large accelerated filers must compile their financial statement under IFRS rules and report a comparative statement for the previous two years (2012 and 2013) using both IFRS and U.S. GAAP.
In Canada the timeline is even sooner. The Canadian Accounting Standards Board (AcSB) has confirmed that IFRS will replace Canadian GAAP effective January 1, 2011, for "publicly accountable profit-oriented enterprises." This means that these companies will need to restate statements under IFRS in their fiscal year 2010 in order to be able to file comparatives in 2011.
To find out more about IFRS & how it affects you, join us for our Lunch & Learn on Thursday March 11th from 12pm-1pm PST. This next lunch & learn will cover some of the changes brought on by IFRS such as;
- Presentation of Financial Statements
- More analysis of fixed assets & a different means of depreciation for finance leases & restatement for property.
- Does not allow the Completed Contract method of project costing.
Join us & Learn More:
Date: Thursday, March 11th, 2010
Time: 12:00pm - 1:00pm
Where: Your Desk!
Sign Up Today, click here!
As a customer of Accpac you can rest in the knowledge that Accpac is IFRS compliant. In fact, Sage has produced a compliance guide that every attendee will receive by attending the webinar!