IFRS

Moving ahead in an IFRS world

Overview

Canada is an International Financial Reporting Standards (IFRS) jurisdiction for all publicly accountable enterprises, as of January 1, 2011. Many enterprises are now shifting their interest from preparing for IFRS implementation to keeping up with IFRS changes and understanding how to apply the principles of IFRS on a day-to-day basis.

IFRS requires an entity-wide approach to financial reporting. Companies must build IFRS into flexible financial reporting systems and processes. Management must also review the assumptions and judgments made and the systems and processes implemented throughout their IFRS journey. This includes developing their initial IFRS solutions, incorporating new developments in IFRS standards and interpretations, and preparing for changes to their business and the overall economic environment.

We offer a range of services for entities that have converted to IFRS or are in the process of transition. At Deloitte, our national IFRS services practice is helping clients move ahead in an IFRS world.

Our team

Moving ahead in an IFRS world

Our services

It helps to work with a team that’s been there before. We understand both the technical and the practical issues in IFRS, from both a Canadian and global perspective. Our teams will work with you to help your management team and audit committee address IFRS in a comprehensive way — including everything from accounting to controls to information technology systems to taxes and valuations. Using this multi-functional approach, we help businesses prepare for and carry out IFRS conversions by providing support with technical accounting research, training and communication, project management, systems design and implementation, and more.

For companies preparing to transition to IFRS

Evaluate the potential financial reporting and other impacts of IFRS
Assess readiness for IFRS conversions
Implement a detailed implementation plan for IFRS conversion, including providing support with project management, technical research, and training
Develop a plan for sustainability
Address the implications of IFRS in such areas as treasury, tax, financial operations, technology and valuations
Design and implement control frameworks, efficient information technology architecture and data flow, and fast-close methodologies
Streamline statutory financial reporting processes globally

For companies who have already implemented IFRS

Establish processes for ongoing monitoring and implementation of changes to IFRS
Determine implications of new IFRS standards and interpretations
Develop continuing training for financial and non-financial personnel, including audit committees
Design, document and test controls over IFRS-related internal controls over financial reporting (ICFR) for certification purposes
Establish new metrics and benchmarks using IFRS data, as applicable
Evaluate impacts of IFRS conversion on comparative historical financial data, management’s discussion and analysis (MD&A) and analyst information
Consider the impacts of IFRS data requirements on the periodic close process and timing of financial reporting
Assist in the enhancements of processes and systems necessary to integrate IFRS into source data and related systems

Featured insights

IFRS resources
With so much information available, understanding the detailed impacts of IFRS can be baffling. Connect to a range of relevant tools, periodicals and regulatory guidance recommended by our IFRS professionals.
IFRS e-Learning
This comprehensive set of e-learning materials is intended to help financial statement preparers and users stay on top of IFRSs. Launch your self-learning program.