| How can MSCM help? | Our IFRS Team | International Resources |
What is IFRS?
International Financial Reporting Standards (IFRS) were developed to provide a single set of high quality, understandable and enforceable global standards.
Does it apply to your organization?
The change applies to all Canadian profit-oriented "Publicly accountable enterprises" — that term includes publicly traded companies as well as other enterprises that hold assets in a fiduciary capacity for broad groups of outsiders.
What is the timetable for implementation?
Beginning January 1, 2010, all firms affected will need to maintain their results under IFRS standards, running in parallel with current Canadian GAAP.
Starting January 1, 2011, full implementation of IFRS is mandatory.
What benefits are expected from the change?
Conversion to IFRS should improve the facility with which Canadian companies operate globally, providing shareholders and regulators with financial information that has enhanced comparability and transparency. IFRS should also assist companies in gaining access to international capital, funding, and investment opportunities.
How can MSCM help?
MSCM has anticipated the need to make the conversion to IFRS as painless and as simple as possible. We have developed a special service, called IFRS Conversion, Simplified, designed to help you get ready to make the necessary changes. It comprises four steps:1. Awareness
Awareness of the complexity and likely impact of IFRS is one of the keys to a successful conversion. This step will identify the major areas affected and help mobilize the organization through education. It will also help create stakeholder buy-in, paving the way for detailed planning and a formal project management monitoring process.
2. Discovery
A successful IFRS conversion requires a careful plan, and some education. We’ll help everyone involved understand the key differences between IFRS and Canadian GAAP. Your team will know exactly how conversion will affect accounting policies and financial reporting, and we will assist them in evaluating reporting alternatives, resource requirements, and the likely demands on IT.
3. Road Map
Each IFRS conversion is unique. Our team will develop a detailed Road Map that will lead to a successful conversion. Designed specifically for your company, it will provide project plans for IT, Finance and other affected business units and define the necessary training programs – each tailored specifically to meet the needs of your organization.
4. Implementation
Smooth implementation, with minimum disruption, is the goal. We’ll help manage the plan's implementation, step by careful step. We will assist in developing new accounting policies and internal control processes, including preparation of mock financial statements, including disclosures. Our team will work with your IT department to map and parallel test new journal entries.
MSCM’s IFRS conversion teams include highly trained professionals, knowledgeable in IFRS and Canadian GAAP, and skilled in both converting to IFRS and integrating the financial reporting processes.
Our IFRS Team
MSCM is prepped and prepared to handle every aspect of IFRS conversion, from the first steps of Awareness and Discovery, through to the complexities of full-scale Implementation. Our team includes a broad network of subject matter professionals to assist in:- Technical accounting and financial reporting matters
- Financial reporting processes and controls integration
- Developing detailed project plans
- Project management
Playing key roles in all phases of IFRS conversion are Jeff Wescott and Isabella Lee, both Partners in MSCM’s assurance practice, and Kathryn Ingram, our Director of Professional Standards.
Jeff Wescott, BBA, CA, is a Partner in the firm’s assurance practice and a key member of our IFRS Conversion Team. A generalist with strong analytical and leadership skills, Jeff is a leader in staff training and professional standards development, with a wide variety of technical experience.
Isabella Lee, CA, provides a wide variety of accounting and assurance related services to private and public entities. Isabella oversees the planning and quality control of audit engagements and advises on technical accounting and auditing issues, including those related to IFRS conversion. She is integral to MSCM’s Chinese public company practice.
Kathryn Ingram, BA, MAcc, CA, is our Director of Professional Standards. She has over seventeen years of experience ensuring adherence to professional standards, managing education programs and delivering assurance services. Kathryn has completed extensive IFRS training and provides technical expertise and consultation on the firm’s IFRS engagements. Kathryn has also developed and presented a series of IFRS training courses, internally and externally.
International Resources
As an independent Canadian firm, and as an associate of the global Moore Stephens International organization, MSCM has many years of experience serving the complex requirements of Canadian companies doing business around the world, and foreign firms doing business here.This body of work, combined with comprehensive staff and partner training, plus global resources, has equipped us to handle every aspect of IFRS conversion. Our IFRS Conversion, Simplified service was developed to put this knowledge to work and make your conversion proceed smoothly and efficiently.