IFRS Conversion

*As of January 1, 2011 International Financial Reporting Standards (IFRS) are applicable for all publicly accountable enterprises (PAEs) in Canada.

While everyone is on the path to converting to IFRS, not everyone is in the same place. Getting across the finish line requires significant bench strength. In assessing your position, you have determined now is the time to get the additional resources to get you there... where do you get qualified, cost effective resources?

IFRS conversion services

Breakwater has assisted numerous companies ranging from junior venture to multi-billion dollar global operations with their IFRS conversion and implementation. If you have insufficient internal resources, our experienced team can assist you in completing your conversion.

We can save you time and IFRS conversion costs by eliminating surprises and educating your finance team. We ensure that you, and your auditors, are comfortable that the conversion has been comprehensive and that your financial statements are appropriately reported under IFRS.

If you are still in the process of planning your transition, please refer to our free IFRS Documentaion Guide by visiting the"Whitepapers and Tools" section of our website which will help you get started.

Call us to find out how we can help you cross the finish line.

Our IFRS conversion services include:

  • IFRS scoping and impact assessment
  • Project management
  • Preparation of IFRS conversion documents for key standards which include an analysis of CGAAP and IFRS differences, accounting policy selections and IFRS 1 elections to ensure adequate evidence is available for external auditor review
  • Opening balance sheet adjustments
  • Draft IFRS financial statements
  • MD&A disclosures
  • Presentations to audit committees on IFRS conversion status

Ongoing IFRS support

If you have completed or are in the process of completing your IFRS conversion, Breakwater can assist with the evaluation and interpretation of new standards, education and training of staff, and design, documentation and testing of new IFRS related internal controls over financial reporting.

For the many Canadian companies have now implemented IFRS, Breakwater can provide ongoing support such as:

  • Develop training to educate your organization's finance and non-finance staff, management and Audit Comittee or Board of Directors
  • Assess new IFRS standards and interpretations and determine the impact to you company
  • Design, document and test new IFRS related internal controls over financial reporting