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IFRS FOR BOARDS OF DIRECTORS AND
NON-FINANCIAL
SENIOR MANAGEMENT (1 DAY)
IFRS (International Financial Reporting Standards) is coming to Canada. By 2011, all publicly accountable companies, public companies listed on the Toronto Stock Exchange and crown corporations, will be required to report their financial results using IFRS instead of Canadian GAAP.
Senior Executives and Boards of Directors have some unique considerations in the transition to IFRS, not the least involves their own role in reviewing and approving financial statements. Given the increased subjectivity and management disclosures invovled in IFRS, Board members and senior executives need to have a strong understanding of their role in reviewing and approving IFRS statements as well as ensuring appropriate transition to IFRS.
Topics covered
Topics include:
- An overview of IFRS
- Summary of changes between IFRS and Canadian GAAP
- Fair values vs historical costs
- Key accounting changes
- Increases in professional judgement and disclosures
- New presentation format for financial statements
- Impact of IFRS on financial statements
- Potential impact of IFRS on ratios and bank covenants
- Deadlines for adoption in Canada and the US
(including interim deadlines for MD&A)
- Items of concern during the year of transition
- Impact of IFRS on senior executives and Board members
Workshop format
This workshop is highly interactive and oriented toward senior level executives. Participants will develop an understanding of IFRS by looking through examples which compare GAAP to IFRS. This workshop will also present financial information from public companies which shows the potential impact of IFRS on financial statements and investors.
Who will benefit
This course is an overview of IFRS and addresses the unique concerns of senior non-financial management and members of Boards of Directors. Information is presented at a high-level and is not at the level of detail required for the preparers of financial statements. It is designed to help senior professionals understand their role in evaluating IFRS statements and the impact IFRS could bring to their organizations.
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Price: $649
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