Chambers College of Business and Economics
The Canadian transition to IFRS provides a valuable IFRS learning opportunity. The Canadian transition and implementation of IFRS provides a unique opportunity to examine the conversion of financial reporting from a similar set of financial reporting rules as U.S. GAAP in a similar economic and business environment. The implementation and adoption of IFRS is not a monolithic event. Our ability to comprehensively understand and assess IFRS requires transparent disclosures such as those mandated by IFRS 1 and disaggregation of the equity components to observe and measure the impact of IFRS as it pertains to discretionary management implementation choices, material reclassifications, and GAAP-to-GAAP differences. Comprehensive knowledge of IFRS 1, First Time Adoption of International Financial Reporting Standards is crucial to our ability to assess the transitory and future impact of IFRS. IFRS 1 sets the precedent for financial reporting under IFRS, overrides transitional provisions included in other IFRS, and prescribes detailed disclosures. This detailed “rules-based” standard permits discretionary management policy choices which have material impact on transitory reporting as well as future financial results.
Digital Commons Citation
Hilliard, Theresa DiPonio and Neidermeyer, Presha, "The Impact of International Financial Reporting Standards (IFRS): Evidence from Canada" (2016). Faculty & Staff Scholarship. 1972.
Hilliard, T. D., & Neidermeyer, P. (2016). The Impact of International Financial Reporting Standards (IFRS): Evidence from Canada. Studies in Business and Economics, 11(2), 51–57. https://doi.org/10.1515/sbe-2016-0020