The purpose of Phase 3 of the 5 Phase IFRS Project model (Solution Development) is to select accounting, reporting and tax solutions in compliance with IFRS requirements… applying the organization’s overall conversion strategy.

This would include:
• Develop accounting, reporting and tax solutions.
• Determine and develop sustainable business processes and system changes.
• Develop comprehensive conversion plan for remainder steps of conversion project.

The key activities to be accomplished include:
• Accounting and tax policy selection and other issue resolution.
• Impacts analysis – consolidation of financial, business and systems effects.
• Analysis and measurement of impacts by functional area – Performance metrics review.
• Detailed conversion planning.

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.