How did IFRS evolve?

IFRS represents a global movement toward a single, unified set of accounting standards recognized worldwide. Today, more than 100 countries require IFRS reporting by public companies. Canada chose to join the IFRS movement to give Canadian organizations better access to international capital markets and investments. In the long term, IFRS is expected to result in increased transparency and consistency for financial reporting. In the short term, the change will mean increased learning, a heavy focus on professional judgment and additional disclosure requirements.

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.