Future changes to IFRS

The IASB is currently undertaking a significant review of certain standards. As a result, a number of the IFRS are subject to new issuance, update and revision. Many of these changes are driven by a joint project between the IASB and FASB.

Current and proposed projects will result in changes to standards such as consolidation, financial instruments, fair value measurement guidance, income taxes, joint ventures, liabilities, leases, financial statement presentation, revenue recognition and related parties.

The work plan anticipates the completion of several of these projects in 2010 and 2011. As such, your conversion project will require close monitoring of any IFRS changes and their related reporting requirements and impacts on the financial statements.

To find out how MNP can help you make the transition to IFRS, please contact your local MNP advisor or call Jason Kingshott, CA, at 1.877.500.0792.