The Canadian Institute of Chartered Accountants (CICA) is helping Canada’s public companies prepare for the conversion to International Financial Reporting Standards.

The CICA is bringing together leading financial reporting experts to help participants anticipate the impact of IFRS and develop plans to ensure a smooth transition to international accounting standards in time for the 2011 deadline.

The forum is a two-day conference on international financial reporting standards being held by the CICA in Toronto.

“We are on the edge of a massive change that will alter the way companies tell their stories to investors and shareholders,” said Ron Salole, CICA’s vp, Standards. “Adopting international accounting standards will impact Canadian investors and businesses, and transform the way financial information is reported in Canada.”

By 2011, all of Canada’s 4,500 publicly accountable enterprises will be required to prepare their financial statements according to International Financial Reporting Standards (IFRS). Moreover, by the end of 2008, all audits in Canada will be conducted according to International Auditing Standards (ISAs). Canada’s conversion will take place over the next four years.

“Transitioning to IFRS is necessary to ensure Canada remains competitive in an increasingly global marketplace,” said Salole. “It is important that businesses understand what they need to do to prepare for the transition.”

CICA and the Accounting Standards Board have developed an IFRS implementation plan that identifies the differences between Canada’s current standards and IFRS, indicating what will change in the next four years and what will not. CICA is also providing education and training programs that include a variety of courses, conferences, self study programs, and other learning tools to help stakeholders achieve the level of knowledge and expertise in the new standards that they will require to successfully manage the transition.

Canada’s conversion to international accounting and auditing standards is a direct result of being part of a global economy. “This is an historical time in standard setting and Canada must be part of it,” said Salole.

“Canada has long been recognized as a leader in developing high quality standards and best practices for Canadian enterprises. We have also played a crucial role in international standards. It is our responsibility to leverage our unmatched Canadian diversity and talents to contribute to building a single set of high-quality international standards that are globally accepted,” Salole said.