Career Training in Canada

Publicly accountable enterprises in Canada will be required to switch from Canadian GAAP to IFRS financial statement preparation standards. These changes are required to comply with the IFRS.

International Accounting Standards Committee was founded in June 1973 in London and replaced by the International Accounting Standards Board on April 1, 2001. It was responsible for developing the International Accounting Standards and promoting the use and application of these standards.

The IASC was founded as a result of an agreement between accountancy bodies in the following countries:

Australia - Institute of Chartered Accountants in Australia (ICAA) and the CPA Australia - formerly known as Australian Society of Certified Practising Accountants (ASCPA)

Canada - Canadian Institute of Chartered Accountants (CICA))

France - Ordre des Experts Comptable et des Comptables Agrees (Order of Accounting Experts and Qualified Accountants)

Germany (Institut der Wirtschaftsprüfer in Deutschland (IDW) - Institute of Auditors in Germany and the Wirtschaftsprüferkammer (WPK) (Chamber of Auditors))

Japan - Nihon Kouninkaikeishi Kyoukai - Japanese Institute of Certified Public Accountants (JICPA))

Mexico - Instituto Mexicano de Contadores Publicos (IMCP) (Mexican Institute of Public Accountants

the Netherlands - Nederlands Instituut van Registeraccountants (NIVRA)
(Netherlands Institute of Registered Auditors))

United Kingdom and Ireland - Institute of Chartered Accountants in England and Wales (ICAEW), Institute of Chartered Accountants of Scotland (ICAS), Institute of Chartered Accountants in Ireland (ICAI), Association of Certified Accountants, Institute of Cost and Management Accountants, and the Institute of Municipal Treasurers and Accountants.

United States of America - American Institute of Certified Public Accountants (AICPA)

Objective of Financial Statements
The IFRS framework states that the objective of financial statements is to provide information about the financial position, performance and changes in the financial position of an entity that is useful to a wide range of users in making economic decisions,and to provide the current financial status of the entity to its shareholders and the public in general.


IFRS Start Date in Canada
The use of IFRS will be required in 2011 for Canadian publicly accountable profit-oriented entities. This includes public companies and other profit-orientated enterprises that are responsible to large or diverse groups of shareholders.

Organizations must start their collection of comparative financial information by January 1, 2010 for inclusion with 2011 financial statements.

Is your accountant ready?

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Labels: Training for the IFRS