A two-day conference is underway in Toronto focusing on the world-wide migration to a common financial reporting language known as International Financial Reporting Standards (IFRS).

More than 750 have registered for the gathering. The IFRS – North America Conference is a joint presentation by The International Accounting Standards Committee (IASC) Foundation, and The Canadian Institute of Chartered Accountants (CICA). This significant international event brings Sir David Tweedie, chairman of the International Accounting Standards Board (IASB), and other members of the IASB to Canada.

Others in attendance include senior representatives from the Canadian Accounting Standards Board (AcSB), the U.S. Financial Accounting Standards Board (FASB), regulators from Canada and the United States, and international financial reporting experts.

Preparations have begun in Canada for the changeover to IFRS. Businesses increasingly make decisions in a global context and the move to international standards will place Canada on the same reporting playing field as more than 100 other countries, including the United Kingdom and Australia.

The new international standards will apply to Canadian publicly accountable enterprises. In general, these can include publicly-listed companies, certain government corporations and enterprises with fiduciary responsibilities such as banks, insurance companies, credit unions and securities firms. The official changeover date is for interim and annual financial statements relating to fiscal years beginning on or after Jan. 1, 2011.

“The pace of movement to a global marketplace has accelerated and underlines why a single set of standards is so important,” says Tweedie. “Canada will be well served by IFRS in today’s emerging global economy.”

Canada’s Chartered Accountants are encouraging Canadian business leaders to start planning now for the changeover to IFRS. “The earlier preparation begins, the smoother the transition,” says Ron Salole, vp, standards with the CICA.