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November 2008
By Rafik Greiss, CA, CPA (Illinois) and Simon Sharp, CA Although the Canadian transition to IFRS will occur in 2011, CFOs need to begin now to address the implications of the conversion for their organization. This involves consideration not only of the conversion process itself, but of issues relating to risk, stakeholder relations, financial reporting, and internal controls which will be triggered by the transition. In preparing for the conversion, Canadian companies have the benefit of the experience of companies in the European Union who converted to IFRS in 2005. CFOs, as functional heads of finance, have a unique perspective on the organization and its relationship to the capital markets and business environment. They have established credibility by being competent and reliable in their financial role. They are also respected for their values of objectivity, independence and integrity. The CFO will be expected to champion the conversion to IFRS. This publication provides an overview of the role of the CFO in the conversion to International Financial Reporting Standards (IFRS). It sets out the areas in which the CFO provides critical input to the other members of the management team and to the board of directors. CFOs, boards, and others can use it as a guide to assist them in making a successful transition to IFRS. Purchase a hard copy Download a soft copy |
