IFRS Conversion Timeline in Canada
| 2008 - | Organizations should disclose their plans, by end of fiscal 2008, for convergence and what anticipated effects will arise with the change to IFRS, on its financial statements |
| 2009 - | Organizations will be required to disclose a more detailed convergence plan, including quantification of anticipated effects, by end of fiscal 2009, effectively marking the beginning of transition date to IFRS |
| Financial statements to be prepared under current, local GAAP | |
| 2010 - | Organizations are required to start collecting IFRS data in 2010 to build the 2010 comparable financial statements (including an opening IFRS balance sheet for Jan 01, 2010) |
| 2011 - | Change over date effective January 1, 2011 for all publicly accountable enterprises |
| IFRS compliant statements need to be prepared for Quarter 1, 2011, including comparatives for 2010 |
Downloadable Copy of IFRS Timeline
Download the complete timeline with critical dates here:
IFRS Proposed Conversion Timeline
CSA 2010 Mandated Disclosures
- Update on the progress of the IFRS changeover plan and detail about key decisions and changes made or to be made, including decisions about choices under IFRS 1 (Accounting Policies) and other IFRSs in the MD&A in the interim MD&A
- Decisions about accounting policy choices under IFRS 1 should be discussed in the annual MD&A
- If quantified information about the impact of IFRSs on key line items in the financial statements is available, this should be included in the annual MD&A
