Transition to IFRS and certification of disclosure
What CEOs and CFOs should know about this complex relationship
In 2011, publicly accountable enterprises (PAEs) will start issuing financial reports based on International Financial Reporting Standards (IFRS). But IFRS conversion extends far beyond an entity’s financial statements. It also has an impact on any regulatory, contractual, legal or operational obligations or processes that rely to some extent on financial reporting. For CEOs and CFOs in particular, one of the main priorities will likely be their ongoing responsibilities under National Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (NI 52-109).
Transition to IFRS and certification of disclosure presents a summary of requirements for applying NI 52-109 to IFRS documentation. It explores the key to a successful conversion: planning. CEOs and CFOs should ensure that their organizations begin work early to identify and address the specific implications of IFRS conversion on certification. Organizations will find that it is generally much more efficient to address these at the same time as the underlying accounting and disclosure issues, rather than as a separate exercise.
This document was developed by Deloitte’s IFRS specialists in the Enterprise Risk practice to answer key issues that are likely to arise with transition to IFRS. It’s designed to help CEOs and CFOs understand the impacts that the transition to IFRS will have on their certification program.