2011. Its still a couple years away, but for publicly accountable entities in Canada it marks the beginning of International Financial Reporting Standards (IFRS). For companies in the U.S. the timeline is still unclear, it could be as early as 2014 or possibly even 2016, either way there’s more breathing room if you have to report to the SEC. Business in other parts of the world such as Australia, the European Union and Singapore moved much earlier to IFRS – 2005 in the case of the european Union. The transition from GAAP to IFRS will touch on many areas of a business including accounting policies, business processes and of course your accounting software. Sage Accpac customers in these countries made the switch to IFRS and relied on Accpac’s flexibility and features to meet their reporting needs. In the next series of articles we’ll take a deeper dive into this topic to see what companies are doing. In the meantime if you have any questions we'll like to hear from you.
