Canada's CAs helping report users prepare for IFRS changeover

TORONTO, July 20 /CNW/ - A new publication from the Canadian Institute of Chartered Accountants (CICA) helps users of external financial reports better understand the potential impacts of Canada's transition to International Financial Reporting Standards (IFRS).

"The IFRS Changeover: A Guide for Users of Financial Reports" provides a perspective for users of external financial reports on matters arising from Canada's imminent transition to IFRS and reviews its potential impact on performance metrics and financial statements.

"Financial report users need to distinguish reported performance changes caused by the transition to international standards from those caused by changes in the business," said Chris Hicks, principal, guidance and support, CICA. "Differences will vary from entity to entity, even within the same industry sector."

Canadian Generally Accepted Accounting Principles for publicly accountable enterprises will convert to the international standards beginning in 2011. These global accounting standards should improve international financial reporting comparability in an increasingly global business environment.

"Hopefully, Canadian companies will effectively summarize the financial reporting impacts of the changeover to report users," added Hicks. "It is important that users understand the extent to which prior reported performance has varied."

Members of audit committees and preparers also may find the guide a useful reference. The guide is published by the CICA's Canadian Performance Reporting Board and is available online (www.cica.ca/cpr).

The Canadian Institute of Chartered Accountants (CICA), together with the provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants, represents a membership of approximately 75,000 CAs and 12,000 students in Canada and Bermuda. The CICA conducts research into current business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. It issues guidance on control and governance, publishes professional literature, develops continuing education programs and represents the CA profession nationally and internationally. CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

For further information: or to arrange an interview, contact: Tobin Lambie, Manager, Media, CICA, [phone], [email protected], www.cica.ca