The 2011 implementation of the International Financial Reporting Standards in Canada is looming, and a Toronto summit in January will help companies prepare.

The IFRS Summit Canada, presented by IQPC and Finance IQ, will take place Jan. 26 to 28, 2009 in Toronto.

It will provide information needed for the transition of all Canadian publicly accountable enterprises to file their financial statements using IFRS, including all necessary requirements, procedures and the roadmap to efficiently meet the 2011 implementation date.

The summit will feature the Accounting Standards Board, the International Financial Reporting Interpretations Committee, TD Bank Financial Group and Royal Bank of Canada, among others.

It will include speakers from companies that have already adopted the standards, providing practical advice, benchmarking opportunities and discussions about strategies for implementing a detail-oriented, timely and efficient transition plan.

The transition from GAAP to IFRS requires early and meticulous planning due to the complexities involved and potential for impacts throughout the business, and so many IFRS experts encourage companies to begin planning immediately.

“Companies are starting to move beyond the high-level discussions, and looking for specific and practical advice,” says Gordon Heard, principal advisor of The Finance Group. “While the transition will be challenging, those with a practical planning process are realizing the conversion will be manageable.”

IE