By 2011, Canada will move to the same accounting standards as are used by publicly accountable enterprises in the EU and many other countries around the world. International Financial Reporting Standards (IFRS) are being promoted as a single set of high quality, understandable and enforceable global standards.

Companies will therefore need to take the necessary time to identify the anticipated impact on their financial reporting of adopting IFRS and develop effective plans for making the change, in order to meet the proposed requirement to disclose their transition plans in their 2008 annual filing.

This will be a two part presentation to provide an overview of the financial reporting changes and conversion issues related to adopting IFRS standards. 

• Part one of the presentation will be led by Debbie Grenier and Scott Sissons who will provide a high level overview of the types of organizations required to adopt the new requirements, the phased in timeline, and a summary review of some of the technical accounting treatment changes required under IFRS.  They will also cover some of the frequently asked questions heard to date in Canada about the transition.
• Part two of the presentation will be led by Jeff Thomas and Doug Tumber.  Jeff and Doug will discuss some of the lessons learned when overseas companies converted to IFRS and overall project and change management issues expected for IFRS conversion projects. 

ABOUT OUR SPEAKERS

Jeff Thomas, CA, CISA, CIA, CMC, PMP
Jeff is a Partner in KPMG’s Advisory Services group.  Jeff has over 19 years of advisory experience delivering information technology, business process improvement and regulatory compliance services.  Jeff is a KPMG IFRS Conversion Specialist with responsibility for the delivery of IFRS conversion services.  Jeff is currently advising on several IFRS projects.  Over the past five years, Jeff has provided internal control and internal audit services to numerous public and public sector entities in Manitoba and Saskatchewan.

Debbie Grenier, CA
Debbie is the national IFRS services lead for KPMG’s Regions Practice and is an audit partner in KPMG’s Winnipeg office.  Debbie is working with a number of local private and public sector clients in their transition to IFRS.  Her experience also includes several years with KPMG in Toronto and internationally, where she led financial statement and internal control audits for both public and private national and multi-national organizations reporting under IFRS, Canadian, and US GAAP. 

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