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Revised July 2010
By Rafik Greiss, CA, CPA (Illinois) and Simon Sharp, CA Although the Canadian transition to International Financial Reporting Standards (IFRS) will occur in 2011, boards of directors need address the implications of the conversion for their organization now. 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. 20 Questions Directors and Audit Committees Should Ask about IFRS Conversions will help boards of directors and audit committees fulfill their oversight responsibilities relating to the conversion. It will be crucial for all directors to have a general understanding of what the transition to IFRS will mean for their organization. Members of audit and other board committees will require a greater level of detail. While the level of detail in this document may be more directly relevant to members of audit committees, it will also provide a solid foundation for all board members. Download a soft copy |
