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Notes from the CEO: New IFRS publications focus on communication and planning
Beyond Numbers · February 2009  In last month’s column, ICABC President Doug Murphy, FCA, mentioned a new online program called “Introduction to IFRS – Implications for Canadian Businesses,” which was created by the Chartered Accountants of Canada to help members manage and lead in the 2011 transition to international financial reporting standards.
Since our January issue went to press, the CICA has released two new publications to help members and publicly accountable enterprises make a successful and seamless changeover to IFRS.
IFRS Conversions: What CFOs Need to Know and Do provides a comprehensive overview of the essential role CFOs play in the IFRS transition. The publication is directed at CFOs, but will also be of value to other members of the management team and board of directors. In addition to addressing the conversion process, authors Rafik Greiss, CA, CPA (Illinois), and Simon Sharp, CA, look at the issues that will be triggered by the transition—issues related to risk, stakeholder relations, financial reporting, and internal controls.
Pre-2011 Communications about IFRS Conversion, published by the Canadian Performance Reporting Board, provides guidance on establishing an effective communications strategy to keep investors abreast of your IFRS conversion plans. As Chris Hicks, CA, principal of knowledge development with the CICA, explains: “The guidance advocates a proactive and transparent communication strategy to minimize any uncertainty and to respond to investors’ needs.”
Links to these resources are provided on the CICA website at www.cica.ca/ifrs. Additional resources are available on the BC Institute’s webpage at
www.standardstransition.ca.
Our new FCAs
I’d like to take this opportunity to congratulate the 18 members most recently elected to the ICABC Fellowship, each of whom is profiled in this issue’s cover story. Through your accomplishments, service, dedication, and professionalism, you have proven yourselves well-deserving of this recognition. Congratulations on reaching this milestone!
–Richard Rees, FCA
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