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The Impact of IFRS on Technology – A Practical Introduction
Although converting to International Financial Reporting Standards (IFRS) is accounting-driven, organizations should realize very early on that it is a multi-faceted business change initiative that has potentially wide-reaching impacts across… Read more
CICA publication – The IFRS Changeover – A Guide for Users of Financial Reports
In The IFRS Changeover – A Guide for Users of Financial Reports, the Canadian Performance Reporting Board (CPRB) focuses on raising awareness in the user community about the effect of… Read more
PWC issues updated guide to new IFRSs for 2010
This PWC publication is a practical guide to the new IFRS standards and interpretations that come into effect in 2010. For three years there was little change to the body of… Read more
Guide for first time adopters of IFRS
In 2003, IFRS 1, First-time Adoption of International Financial Reporting Standards (IFRS 1) was issued by International Accounting Standards Board (IASB). IFRS 1 has since been updated to make it… Read more
Preparing your stakeholders for IFRS
Many Canadian enterprises are now in the transition year of their move to IFRS in 2011. Most of the companies have so far only focused internally with very limited disclosures… Read more
Transition to IFRSs — Communicating the Impact of the Changeover
The Canadian Performance Reporting Board (CPRB) October 2008 publication Pre-2011 Communications about IFRS Conversion provided guidance about reporting progress towards IFRS conversion. Transition to IFRSs — Communicating the Impact of… Read more
IFRS allows either following direct or step-by-method of consolidation
Under the direct method is the method of consolidation the financial statements of the foreign operation are translated directly into the functional currency of the ultimate parent. However, under step-by-step… Read more
Determining the functional currency of an entity
The functional currency is the currency of the primary economic environment in which an entity operates. A foreign currency is any currency other than the functional currency of the reporting… Read more