IFRS Resource Centre

Welcome to CMA Canada’s resource center on International Financial Reporting Standards (IFRS). Below you will find answers to frequently asked questions, upcoming IFRS workshop dates and additional online information to help get you up to speed on IFRS.

Frequently Asked Questions

IFRS Adoption in 2011

The Accounting Standards Board (AcSB) has published its third omnibus exposure draft entitled Adopting IFRS in Canada. It includes a link to the text of the IFRS as published by the International Accounting Standards Board as well as a link to the AcSB paper entitled “which IFRS are expected to apply for Canadian Changeover in 2011”.

IFRS Adoption for Small- and Medium Cap Public Companies

The challenge of IFRS adoption for small- and medium cap companies might seem more daunting than for larger companies with more extensive resources. The one-hour Webinar that took place on Monday, July 13, 2009, addressed how companies with limited resources might tackle the challenges of IFRS adoption. It also included the latest from the Canadian Securities Administrators and the Accounting Standards Board regarding their expectations and suggestions, with a particular emphasis on the needs of small and medium-cap companies. Download the PowerPoint Slides.

International Financial Reporting Standards (IFRS) Workshops

To prepare CMAs for this critical task, CMA Canada in partnership with IASeminars are offering a wide range of IFRS courses in Calgary, Edmonton, Montreal, Toronto and Vancouver. Sample courses include: IFRS Technical Update, IFRS for the Oil & Gas Industry, and IFRS Immersion.

Complete course descriptions and booking information can be found on the IASeminars website.

CMA Canada members will now receive a 10 per cent discount on their total order for any public seminar booked through the IASeminars website. In order to benefit from this offer, please remember to use the special CMA Canada promotional code ("CMA10%") when placing your order.

NOTE: All of the courses vary in duration and have different start dates. In addition, CMA Canada members will have the opportunity to earn Continuous Professional Learning and Development (CPLD) credit hours towards the ongoing maintenance of their designation.

For more information or to register, CMA members click here.

GAAP (Canadian Financial Reporting) for Private Enterprises

The AcSB has developed financial reporting standards for private enterprises, which are defined below. This “made in Canada” approach is being provided as an alternative to the adoption of IFRS by qualifying entities. These standards have been approved and will be promulgated before the end of 2009. This has been set out in the exposure draft entitled “Generally accepted Accounting Principles for Private Enterprises”, which is available on the AcsB website.

A private enterprise is defined as a profit-oriented enterprise that:

has not issued, and is not in the process of issuing, debt or equity instruments (a) that are, or will be, outstanding and traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets); and
does not hold assets in a fiduciary capacity for a broad group of outsiders as one (b) of its primary businesses.

The AcSB has decided that these standards will be:

available for use by all private enterprises instead of IFRS in 2011, with earlier adoption in 2009 permitted, and
based on the existing CICA Handbook – Accounting

The revised standards address:

a limited number of areas in the existing Handbook that are problematic for private enterprises. These areas have been re-evaluated primarily based on cost/benefit considerations.
a complete reconsideration has been given to the existing disclosure requirements.
sections that are relevant only to publicly accountable enterprises have been excluded.

A link to Private Enterprise standards will be posted to this site when they are available. In the interim, an outline of the standards, except for the changes recently approved, is available in the exposure draft available on the AcSB website under “documents for comment”.

The IFRS standards for small and medium sized enterprises (SMEs) set out by the International Accounting Standards Board will not be applicable to Canada.

Financial Reporting for Not-for-Profit Organizations

Also available on the AcSB website is the invitation to comment, entitled Financial Reporting by Not-for-Profit Organizations. This paper, which is issued jointly by the AcSB and the Public Sector Accounting Board raises issues about how accounting standards will deal with the special needs of such organizations.