CGA-Canada Encourages Business to Begin IFRS Training 

The Certified General Accountants Association of Canada (CGA-Canada) calls on business leaders to begin training accounting personnel on International Financial Reporting Standards (IFRS). The transition to IFRS, to be completed by the changeover date of January 1, 2011, will impact both those who prepare financial information and those who use this information.

“In this complex global business environment, it is critical that those involved in the development of financial information have a thorough understanding of what IFRS mean for their organizations,” said Anthony Ariganello, President and Chief Executive Officer of CGA-Canada.

Chief financial officers, vice-presidents of finance, controllers, directors of finance and corporate accounting, corporate managers of financial reporting and accounting, members of audit committees, accountants and financial analysts, among others, are instrumental in guiding and assisting organizations through this type of transition.

For instance, finance and accounting professionals require a solid understanding of the differences between Canadian GAAP and IFRS in the presentation of financial statements. Controllers must know the key accounting principles with respect to construction contracts such as valuation and revenue recognition. And accountants need to be knowledgeable of fair value as it relates to investment properties, plant and equipment under IFRS. These are some examples where business leaders will call upon their staff for expert advice.

“Business leaders need to plan for the transition to IFRS now,” added Ariganello. “And training staff is a crucial element of that process.”

CGA-Canada and the Association of Chartered Certified Accountants are holding conferences across Canada on IFRS. These sessions will draw on the experiences of accounting professionals who will share their technical expertise with participants on how to prepare for the convergence to IFRS. Participants will gain a better understanding of IFRS, enhance their knowledge on how to interpret the standards, and gain insight on how to apply the international standards in their work environments. To view the program and register for the conferences, go to www.readyforIFRS.com.

As a founding member of the International Federation of Accountants, CGA-Canada is pleased to contribute to the implementation of international financial reporting standards in Canada.