IFRS - Time to get moving

June 2008 from CAmagazine – “According to a recent CICA survey the vast majority of Canadian publicly accountable enterprises are closer to the starting gate than to the finish line when it comes to preparing for the transition to international financial reporting standards (IFRS).

The survey was conducted in March with 550 senior Canadian executives who are chartered accountants, almost 300 of whom must report using IFRS by 2011. Only 8% of those executives indicate they have begun the conversion process; while 72% have not yet reached the stage of assessing the impact of IFRS on their operations…”

180 View – Every problem for someone is an opportunity for someone else. You can bet that the consultants, auditors and ERP software vendors will reap IFRS benefits other than the benefits intended.