Issues to address as you transition to IFRS

Now is the time to answer these key questions:

• What are the key differences between Canadian GAAP and IFRS for our organization? How will these differences impact our financial statements and disclosures?
• What criteria should be used for the selection of IFRS?
• How should we track for ongoing changes in IFRS?
• What are the issues with dual GAAP reporting until the changeover date?
• What decisions are to be made under IFRS 1?
• What IFRS are expected to change between now and 2011?
• What effect will the change to IFRS have on our key performance drivers, including earnings per share, financial covenants, incentive plans and dividends?
• Do we anticipate any mergers or acquisitions between now and 2011?
• How will IFRS impact our reporting? How will we communicate the change and issues effectively, both internally and to the market?
• Do we have the knowledge and expertise to ensure the transition to IFRS goes smoothly? What resources and expertise will we need to obtain externally?
• How will our internal processes change as a result of the transition to IFRS? What data collection will be different?

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.