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IFRS: a strategic opportunity

The move to International Financial Reporting Standards (IFRS) is the single most important initiative in the financial reporting world.

Its impact stretches far beyond accounting to affect every key business decision, not just how it is reported. Access to up-to-date knowledge, insights and timely advice is essential. As IFRS becomes the financial reporting language in many more countries, consistent interpretation and application becomes ever more vital.

We have developed the global resources — people and knowledge — to provide the benefit of our broad sector experience, our subject matter knowledge and the latest insights from our worldwide network.

The starting point of the journey is to conduct an IFRS diagnostic to assess the impact conversion will have on your business. For more on how Ernst & Young can help you prepare to report under IFRS, contact us.

IFRS: your tax department needs to respond now

Is your tax department ready for the move to IFRS? Find out why it may not be as prepared as you think — and actions you can take now  (pdf, 2.3Mb).

The moving target of IFRS

How can three industries successfully make the conversion when the rules keep changing? Organizations in the oil and gas, utilities and financial services sectors face some unique issues. Learn more. (As originally appeared in The Bottom Line, March 2009)

Pensions and benefits under IFRS: What you need to know in the new era

This new publication (pdf, 173K) outlines the key differences between IFRS and Canadian GAAP in terms of an organizations' pensions and benefits programs.

IFRS Conversion: What CFOs Need to Know and Do

Ernst & Young has prepared another must-read IFRS publication for the Chartered Accountants of Canada. IFRS Conversion: What CFOs Need to Know and Do provides a comprehensive overview of the essential CFO role in the transition to IFRS (PDF, 391K).

Is your IT department ready for IFRS?

Learn about the integral role played by IT departments during an IFRS conversion, and the top considerations for CIOs and IT departments (pdf, 251K).

IFRS update 2008

Companies reporting under IFRS are now facing a wave of new standards and interpretations, most of which will become effective on 1 January 2009. Our 2008 IFRS update (pdf 3.5Mb) gives you an overview of the upcoming changes, highlighting the key aspects that affect many different areas of accounting.

International financial Reporting Standards (IFRS) and oil and gas: a delicate mix

Reprinted with permission from Oil & Gas Network, October 2008
Canada’s oil and gas sector has seen its fair share of challenges lately: a new royalty regime, evolving domestic and international tax rules, environmental and regulatory pressures — and, of course, a talent crunch. Now, there’s International Financial Reporting Standards (IFRS). There’s no question that converting to IFRS is a top priority for this country’s oil and gas sector. Read the article to learn more (pdf, 113K).

Is your internal audit department ready for IFRS?

Internal audit teams should play an integral role in an IFRS conversion. Learn how your internal audit group will be affected, and how it can make a positive difference throughout the five phases of your conversion (pdf, 402K).

IFRS: a strategic opportunity

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Global IFRS resources

Please see our Global IFRS site for additional resources, including Ernst & Young's global IFRS newsletter, IFRS outlook and web-based learning modules.

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