The development and the adoption of IFRS (International Financial Reporting Standards) constitute a global accounting revolution; IFRS represents the most significant accounting event since the introduction of double entry bookkeeping more than five hundreds years ago.
According to the IASB, (International Accounting Standard Board), by 2007 more than 100 countries have adopted IFRS. All countries in the European Union adopted IFRS in 2005. In Canada, IFRS will replace Canadian GAAP for publicly accountable enterprises in 2011.
The implementation of IFRS represents an important challenge for accountants, managers, businesses, auditors, financial analysts, decision makers and accounting educators.
The objective of this conference is to discuss the most important issues related to the adoption of IFRS in the Canadian environment.
Some of the questions to be addressed are the following:
- What are the significant implications for preparers and users of financial statements?
- What are the implications for public sector entities?
- What can be learned about the transition to IFRS from the experience of other countries?
- What is the most effective process to implement IFRS in any organization?
- What are potential impacts on performance and other financial indicators?
- What are the potential ‘economic consequences’ for tax collectors, stock markets and the economy in general?
Developing an Effective Implementation Plan – Top 10 Actions to Take Now
Luzita Kennedy, Senior manager, Deloitte LLP
Will IFRS deliver uniform global financial reporting standards for Canada?
David Sharp, Professor, University of Western Ontario, Ivey School of Business
Fair Values and possible Consequences of Adopting IFRS
Rashad Abdel-Khalik, Professor, University of Illinois-Urbana-Champaign; Director of the Centre of International Education and Research in Accounting
Changing the Concepts to Fit the Standards
Patricia C. O’Brien, Professor , University of Waterloo, School of Accounting and Finance
Challenges to True IFRS Convergence: Two-Standard Systems, EU and Country Specific IFRS, and Political Pressures.
Robert Larson, Professor , University of Dayton, School of Business Administration.
IFRS: Experience, Impact and Management and Investor Implications
Vijay Jog, Professor , Carleton University, Sprott School Business; President, Corporate Renaissance Group.
Table of Contents
Developing an Effective Implementation Plan: Top Ten Actions to Take Now
by Luzita Kennedy
Will cross-cultural differences prevent IFRS from delivering uniform global financial reporting standards for Canada?
by David J Sharp
Will Adopting IFRS Enhance Comparability?
by A. Rashad Abdel-khalik
Changing the Concepts to Justify the Standards
by Patricia C. O’Brien
Challenges to IFRS Convergence: Two-Standard Systems, Country European Union Specific IFRS, and Political Pressures
by Robert K. Larson
IFRS: Experience, Impact, and Management and Investor Implications
by Vijay Jog