IFRS: Collateral Impacts

Further anecdotal evidence that the devil is in the details, the non-accounting details is where CMAs may add great value. (See link to lead article from CFO's.com Accounting Newsletter, May 19, 2008)

http://email.cfo.com/cgi-bin2/DM/y/e5kZ0PBAtP0V7N0DbSD0EO

In addition to the lead article, a review of the article on spreadsheet accounting is suggested. This was painful for early SOX filers and looks set to rear it’s head again under IFRS. Rafik Greis (Partner, E&Y-Montreal) references a Canadian company who would require 15,000 top-side journal entries per month if IFRS is not pushdown to the transaction level!

http://email.cfo.com/cgi-bin2/DM/y/e5kZ0PBAtP0V7N0DbSE0EP

CFERF Report on IFRS Readiness in Canada

The CFERF (Canadian Financial Executives Research Foundation) has recently released a report on IFRS readiness in Canada. The report can be accessed at the following link:

http://www.cmabc.com/pdf/PublicPractice/CFERF_IFRS_Report_2008(2).pdf