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Public issuers will be required to adopt IFRS for financial years commencing on or after January 1, 2011 with 2010 comparative IFRS figures. The transition to IFRS is expected to result in significant changes to the financial reporting process (e.g., how financial reporting information is captured, processed and reported) of issuers. As new accounting policies are adopted, management will need to design and implement new internal controls over financial reporting processes impacted by IFRS.
Note that these compliance procedures should be performed in addition to the compliance program already established for existing processes and controls supporting Canadian GAAP financials as most issuers will maintain two parallel financial reporting processes in 2010.
Companies that act now will be in a better position to maintain effective internal controls through the IFRS transition and be able to certify on the effectiveness of DC&P and ICFR with confidence.
Related Topics:IFRS; Financial Reporting
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