The IFRS Implementation is considered to be complete when an organization is able to report under IFRS with its own financial reporting system, and without external support. The main objectives of the post implementation phase include:

• Access and de-brief the implementation.
• Address deferred items.
• Review compliance of implemented solutions.
• Make transition from IFRS “conversion” structure to “operational” structure.

IFRS conversion project is considered a success, and complete when:
• It has effectively addressed all aspects of the IFRS change (Accounting, HR, Investor relations etc).
• Completed on a time.
• Within budget.
• Without significant support from external advisors.

I hope this helps. This is one of a series of blogs that is meant to convey information relating to Canada’s transition from Canadian GAAP to IFRS.

For further information, please refer to the ongoing series of IFRS blogs on the Edelkoort Smethurst Schein CPA’s LLP web-site and please remember to contact your accounting professional for further guidance.