• IFRS Effect On Debt Agreements - “The Devil Is In the Details”
  • December 1, 2010 | Author: Tom Pepevnak
  • Law Firm: Borden Ladner Gervais LLP - Calgary Office
  • As 2010 draws to a close, Canadian publicly listed enterprises are busy preparing for a change to their accounting reporting standards. Those companies with fiscal years commencing January 1, 2011 will be required to adopt International Financial Reporting Standards (IFRS) instead of using Canadian Generally Accepted Accounting Principles (GAAP). A great deal of time and energy has been spent by companies in assembling the resources, developing systems and educating stakeholders on the impact of IFRS on their financial position. Many companies have disclosed their strategy in general terms through the management discussion and analysis (MD&A). However, few MD&A’s have provided specifics on the actual numerical impact that IFRS may have.