The countdown has started

* 2008 - 2009
The preparation

Set up the convergence plan
Discussions with external auditors
Preliminary discussions with external users (banks, financial firms, shareholders) about the potential impacts of the conversion of the financial statements to the new standards

The decisions
Assessment of the appropriate accounting framework (IFRS or owners-managers (OM)
Assessment of the accounting policies with reference to IFRS or OM
Disclosure of the impacts of the transition to new standards

* 2011
Historic Date
Transition of the Canadian Accounting Standards to the International Accounting Standards (publicly accountable enterprises) or to the owners -managers enterprises proposed by the Canadian Institute of Chartered Accountants.

During this training, the participants will familiarize themselves with two conceptual frameworks as retained by the accounting profession for the preparation of the financial statements. The main differences between the actual International Accounting Standards and the new Accounting Standards and examples of financial statements will be presented in order for the participants to be able to start preparing the integration plan for their business.
 

• International Standards, adopted
   
• Small Business Standards
   
• Prepare and implement the transition plan
   
• Evaluate the work to perform and the required resources
   
• Initiate the discussions with the auditors
   
• Initiate and lead the discussions with the external users
   
• Acquire the new knowledge in accounting necessary to read and interpret financial information.
   
• Become acquainted with the International Accounting Standards
   
• Become acquainted with the Small Business Standards
   
• Identify the external users and reflect on their needs for financial information
   
• Identify which of the new Accounting Standards will have the most important impact on the financial information disclosed by the business
   

1. Presentation of the transition schedule as set by the CICA (Canadian Institute of Chartered Accountants)
   * Adopted: Accounting Standards for public companies
   * In discussion: Accounting Standards for private companies
   . with external users
   . with few external users
2. Presentation of the Internet resources implemented by the CICA
3. Presentation of the International Standards
   General: from cost to fair value
   Specific: identification of the main differences between the International Accounting Standards and the actual Accounting Standards for each of the accounting items
4. Presentation of the accounting system of reference for the owner-managers
   * Progress status report
   * For whom?
   * Business' evolution: elements to consider before the final choice
5. Preparation of the transition plan
   * Evaluation of the work to perform
   * Identification of the key persons
   * Implementation of a communication network between:
   * Owner-managers
   * Key persons
   * Auditors
   * External users
   * Discussions with the auditors
   * Identification of the external users
   * Discussions with concerned third parties
   * Identification of their needs
   * Impact on the investment contracts, debt obligations, etc.
6. Impact on operational activities of the business
   
   1. Information technologies
   2. Employees' remuneration program and performance appraisals
   3. Tax planning
   4. Debt obligations
   5. Bonus system based on sales or profits
   6. Presentation of the comparative financial statements with the new standards and the modified management report