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.
Edelkoort | Smethurst | Schein CPAs LLP is located in Burlington Ontario servicing the Golden Horseshoe and Greater Toronto Area and beyond. The firm is fully licensed with CPA Ontario to provide assurance, tax and accounting services as well as registered as tax preparers with the Canada Revenue Agency (CRA) & Internal Revenue Service (IRS). The firm is also registered as an IRS Certified Acceptance Agent.
All blog posts published on this site are for informational purposes only and do not constitute professional advice. Readers should contact a professional to discuss their individual situation. Neither the author or the accounting firm shall accept any liability for any reliance placed on the information posted.