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Regulatory Advisory Services

IFRS Overview and Planning Sessions

We will conduct overview and planning sessions at your office that are tailored to your needs.
Generally, participants include Board members, Audit Committees or finance management (CFOs, Controllers, etc.).

The discussions are tailored to ensure relevance to your organization and can be scheduled to range from 2 to 5 hours.

Designed to bring clarity to your transition planning & implementation, the sessions include a review of:

• Transition requirements from the AcSB
• IFRS-related MD&A disclosure requirements
• Potential business impacts beyond financial reporting
Practical planning & implementation strategies
• Recommended publications & reference materials
• Significant IFRS - Canadian GAAP differences relevant to your organization

To provide you with practical insight and recommendations, the sessions are conducted by individuals with a knowledge of IFRS transition issues combined with significant industry experience at a senior finance level.

IFRS Impact Assessment
Our IFRS Impact Assessment Service will provide you with a comprehensive overview of issues specific to your organization, and

• alert you to critical issues across the business
• provide a foundation for an effective IFRS implementation plan
• serve as a basis for 2008 disclosure

With minimal disruption to your team, we will provide an analysis of your financial statements based on the current differences between Canadian GAAP and IFRS, as well as any expected changes in standards before the changeover date.

Line-by-line through your financial statements and notes, the analysis will recommend action plans to address issues specific to your company.

Guidance goes beyond financial reporting and includes such issues as loan agreements, incentive compensation, investor relations and communication plans.

Planning & Project Management
An effective transition to IFRS will require planning and careful coordination over several years. Active project management will help to eliminate surprises and help manage transition costs.

As project manager for your transition, we can help to affect a smooth process throughout which your team's efforts are focused appropriately and communications throughout the business are timely and effective.

Research, Analysis & Documentation
While the scope of an IFRS transition remains large, the core elements are straightforward: accounting policy research, analysis and interpretation. We alleviate your team’s workload by providing thorough and documented analysis and interpretation of IFRS requirements based on your organization’s circumstances. Analyses are aligned with your transition plan to ensure appropriate resolution of any impacts on the business resulting from changes in accounting policy.

Director Education
While management is responsible for executing an effective transition to IFRS, Directors have a responsibility to play an oversight role. In addition, CSA guidelines state that the Board is responsible for a company’s internal control and information management systems, both of which have the potential to be significantly impacted by the transition to IFRS. We deliver presentations specifically tailored to the educational needs of Boards or Audit Committees.

Management & Employee Training
Management and finance employees will require varying degrees of information. We can conduct educational sessions or prepare memoranda ranging from high-level information to detailed training on specific standards. Information is always tailored for specific audiences and focused only on issues relevant to your organization.

The transition to IFRS will have impacts beyond financial statement preparation, and will require communication across the business and with various stakeholders. We can help manage the communication process ensuring a consistent, effective and timely message.

Accounting Standards Research
US, Canadian and International accounting standards are becoming more detailed and complex. Unfortunately, the level of assistance audit firms can provide is now restricted by tougher independence rules. Being unaware of, or not understanding, the appropriate standard(s) can lead to unpleasant surprises. We can help reduce the workload and risk by researching, planning, documenting and presenting your position on accounting standards.

We ensure all research and decisions are appropriately documented in accordance with best practices for strong internal controls over the selection and application of accounting policies.

Quarterly Standards Updates
Many organizations find it difficult to effectively monitor ongoing developments in accounting standards. We can provide quarterly overviews of current and anticipated changes in standards relevant to your organization and geared toward Audit Committees, management or finance staff.

Implementation of this type of service can be an effective way of enhancing your internal controls over the selection and application of accounting policies as required for your Bill 198 certification.

Regulatory Filings
Regulatory filings for public companies can be complex, and are often required at inconvenient times. We can reduce the workload; ensuring individual or regular filings are complete, timely and communicate the appropriate message.

Internal Controls
It is possible to implement internal control compliance in a cost-effective manner. This requires a practical approach involving effective risk assessment and the integration of controls with standard business processes. As a result, to every extent possible, SOX or Bill 198 compliance is eliminated as a separate project. Recognizing this is an area most effectively addressed with specialized skills & experience, we have an alliance with a group of recognized compliance experts to provide practical compliance services. Service areas include corporate governance, disclosure controls, corporate policies, IT controls and transaction level controls.

Financial Management Services

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