In successfully planning any project, one very useful tool is a project management model. The 5 Phase model for conversion of Canadian GAAP to IFRS is discussed in this web-site. It is one of many different approaches that a company can take, and can be adapted to organizations of any size. The 5 Phases are as follows:

• Phase 1 – Diagnostics
• Phase 2 – Design and Planning
• Phase 3 – Solution Development
• Phase 4 – Implementation
• Phase 5 – Post Implementation Review

Please read the documentation relating to all phases, and work streams detailed in this web-site. Acknowledgements for this model go to CICA and E&Y.

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.