• Audit Engagement
• Review Engagement
• Accounting Services Outsourcing
• Due Diligence
• Implementing Accounting Standards and the IFRS

Implementing Accounting Standards
and the IFRS

Adoption of International Financial Reporting Standards (IFRS) by a growing number of countries aims to harmonize accounting standards and make financial reporting more transparent and comparable worldwide. In Canada, IFRS will be mandatory for publicly accountable companies as of 2011.

Furthermore, private Canadian companies have the option of choosing a new accounting framework, often better adapted to their needs than IFRS. However, as of 2011, all Canadian companies must adopt new standards.

While IFRS propose an accounting model focused on the fair value and thorough communication of financial information in financial reports, the accounting framework for privately-owned companies will be based on historical costs and limited communication of financial information in financial reports.

These new accounting standards represent a huge challenge for Canadian businesses. Our professionals can assist and advise you during this transition period.