IFRS is Becoming the Global Standard for Accounting … IFRS PARTNER is Becoming the Global Standard for IFRS Transition and Reporting
IFRS PARTNER has been designed to help your organization make the transition from GAAP to IFRS. We recognize that while the destination may be the same, users in different countries have different GAAP and Accounting Standards starting points and considerations that will impact the path to IFRS.
IFRS PARTNER - Canadian version
For publicly accountable enterprises (PAEs) in Canada the march to IFRS compliance is well underway with a date of January 1, 2011 for full reporting under IFRS, and the preparation of an opening transition balance sheet as of January 1, 2010. In addition, TSX® and TSX Venture® based firms are required by the Canadian Securities Administrators (CSA) to provide increasing levels of disclosures with regards to qualitative and quantitative impacts of IFRS transition in MD&A beginning in 2008.
Since 2008 the Canadian version of IFRS PARTNER has provided the only end-to-end, GAAP-to-IFRS Numbers and Notes solution for Canadian firms to make a smooth and affordable IFRS transition. In addition specific content in the Canadian version addresses the unique IFRS transition challenges to be found in the Mining, Oil & Gas, Manufacturing, Technology and General Industry sectors.
IFRS PARTNER - U.S. version
While the IFRS transition specifics and deadlines for companies based on U.S. capital markets have not yet been finalized, the movement from U.S. GAAP to IFRS beginning in 2015 looks probable and will not be easy. In 2010 our IFRS PARTNER - U.S. Version provides users with the ability to quickly define key GAAP-to-IFRS differences and then launch into the development of draft IFRS policies and impact assessment analysis. Finally the IFRS PARTNER Financial Reporting System allows users to develop GAAP vs. IFRS financial comparatives and disclosures. So, if your organization is listed on U.S. capital markets and you want to get prepared for IFRS transition you have found your partner - IFRS PARTNER.
IFRS PARTNER - India version
For firms listed on Indian capital markets the transition from the Accounting Standards of the ICAI to IFRS is scheduled to begin as of April 1, 2011 and extend over the following two years. As with the experience in Canada there is a significant transition burden in India to be managed. Issues Central has plans to release a version of IFRS PARTNER product for the Indian market in 2010.