IFRS or International Financial Reporting Standards, to give it its full name, is gradually starting to gain momentum. Today alone, I’ve seen ads in newspapers, heard about it on the radio, and the internet is rife with information on this topic. January 1, 2011, the official changeover date here in Canada, may seem a long way off but in truth, that’s not the drop dead date for IFRS. In order to report 2010 comparatives in your 2011 financial statements, you’ll need to have captured IFRS data throughout 2010. That being said, your starting point for 2010 is your 2009 closing position. Hmm...that’s not far away at all! Are you going to be ready?

There’s a plethora of resources readily available out there but, with so many places to get your information from and so many firms wanting you to try their wares, where can you find useful tips, hints, checklists, webinars and other useful resources to get yourself up to speed with the coming changes?

Google is an obvious place to start but it is very easy to become lost in the deluge that follows hitting the “search” button. The purpose of this article is therefore to help point you in the right direction for what we have found to be useful IFRS information.

This article will focus on the professional accounting bodies and what guidance and assistance is available. In my opinion, the professional accounting bodies provide the most authoritative guidance and there are a number of bodies out there so let’s take a look at what they’re offering.

International Accounting Standards Board (IASB)

As the driving force behind International Financial Reporting Standards, the IASB is the place to get the global scoop on changes and updates to IFRS as well as the current standards themselves including the International Accounting Standards (IAS). IAS was adopted by the IASB and is gradually being replaced by the respective IFRS.

If you want to access the current standards, the IASB offers a number of different options. One option is to purchase an annual subscription to their e-IFRS service. This gives you electronic access to the full content of the standards plus updates, near-final drafts of new standards, a powerful search engine, and an email alert service that will notify you when new material is added. Not sure that this is for you? Try the 30 day e-IFRS trial and if at the end of the trial you decide that e-IFRS is not for you, you can purchase a CD-ROM or a book containing the standards instead.

Canadian Institute of Chartered Accountants (CICA)

Want to get your IFRS fix somewhere closer to home? Check out the CICA’s website, they have a lot of information and discussions on IFRS. Some particularly useful offerings include:

CICA Guide to IFRS in Canada
This useful guide published by the CICA reviews each Canadian financial reporting standard and identifies and compares the equivalent international financial reporting standard summarizing the respective differences. Although not comprehensive, it is a great place to identify what areas may require further research.

Introduction to IFRS – Implications for Canadian Business
A free online training course for anyone in Canada and Bermuda focusing on the “why’s” and “what’s” of the IFRS transition. It also qualifies for CPD credits.

20 Questions Boards of Directors and Audit Committees Should Ask About IFRS Conversions
This publication is from the CICA's “20 Questions” series. This particular edition covers the oversight role of the Audit Committee and Board of Directors in the run up to IFRS changeover.

Report On Industry (ROI) and CA Practice Advantage (CAPA) Webinar Series
These webinar series, sponsored exclusively by PTC Accounting & Finance, are provided for free to both members and non-members and cover different topics relevant to accountants in industry (ROI) and in practice (CAPA). With the current importance of IFRS, many of these webinars are on IFRS related topics and thus are a great way to learn more from notable guest speakers. The webinars are archived so if you miss one, can’t make the live webinar, or if you want to listen again, you can always check back later. The format of the webinars is typically 30-45 minutes of presentation (with slides and audio) followed by 15-30 minutes of Q&A (the questions submitted online by viewers during the webinar itself). Attendance of the webinars qualifies for 1 CPE credit.

CICA’s Xtensions Learning Centre
Another place for earning CPD credits is the Xtensions Learning Centre. This online, on demand, virtual conference centre has a bunch of training resources available across various finance disciplines from Taxation to Corporate Finance. Search for IFRS and you will find both free and paid excerpts from recent conferences available for download. Each “presentation” comes with streamed audio (recorded at the respective conference) of the actual speaker and the slide deck that they presented.

IFRS Award Programme Learning and Assessment Pack
The Institute of Chartered Accountants of England and Wales (ICAEW) has developed an IFRS self-study program complete with a certificate of completion. This program is offered through CICA, but you can also purchase it directly from the ICAEW and take advantage of potential savings. At the time of writing this article, the CICA price of CAD $995 was compared to the ICAEW price of GBP £350 (plus shipping and handling) – see course details below.

Institute of Chartered Accountants of England and Wales (ICAEW)

As a member of the ICAEW myself, I have been casually watching the IFRS changeover taking place in Europe through regular newsletters and other publications sent to my Canadian doorstep directly from the UK. Their website has one of the best collections of links and resources I have come across including links to disclosure checklists and example financial statements. Whilst some of this might have a UK slant to it, there’s definitely value in looking at it, just keep in mind that there may be some differences between this and the Canadian version of IFRS.

As mentioned above, the ICAEW has put together a program of online study that will ultimately lead to a Certificate in IFRS. It is a flexible, self-study course available to accountants and non-accountants alike and is aimed at those who will be responsible for IFRS implementation or who will be affected by IFRS. The program is supported by a comprehensive set of learning materials that covers the framework for preparation and presentation of financial statements, the IAS’s and IFRS’s (to IFRS 8) and culminates in an online self-assessment. It will also cover the respective interpretations of each standard.The ultimate objective is to provide a broad knowledge and understanding of financial reporting across all international financial reporting standards as well as the ability to apply principles, concepts and knowledge from IFRS in simple business situations. This is something which is going to be new to many Canadians who have been used to applying rules and not principles, a very different skill.

Included in the cost of the course are all the materials (over 350 pages), prepared by BPP, and the concluding examination. You can download a sample chapter from the ICAEW’s website to give you a flavour of the course including the “contents” pages before you commit.Expect to spend approximately 70 hours studying the course materials and then a further two hours writing the 100% objective test question exam.

Certified General Accountants Association of Canada (CGA)

The CGA provides members and non-members with access to PDNet, an e-learning centre. Included within PDNet are several IFRS courses available for purchase individually. These courses all provide CPD credits and include:

- IAS 1, Presentation of Financial Statements and IFRS 1, First Time Adoption of IFRS
- IAS 16, Property, Plant, and Equipment and IAS 38, Intangible Assets
- IAS 36, Impairment of Assets and IAS 37, Provisions, Contingent Liabilities, and Contingent Assets
- IFRS 3, Business Combinations and IAS 27, Consolidated and Separate Financial Statements

Association of Chartered Certified Accountants (ACCA)

The ACCA has a global footprint and is therefore well placed to provide training on IFRS. If you’re looking to gain a qualification to boost your knowledge and enhance your resume, the ACCA offers two such opportunities:

Certificate in International Financial Reporting (CertIFR)
This online course provides a comprehensive introduction to the principles of IAS and IFRS. Completion of this course is expected to take approximately 20 hours and culminates with a 25 question multiple choice exam (also online). You have 3 months from the date of registering to complete it. 20 CPD credits are available for completing this course.

Diploma in International Financial Reporting (DipIFR)
The DipIFR is a little meatier than the CertIFR. The course is again self study but through materials provided by specialist publisher ATC International. If you study better in a classroom setting, a number of ACCA Approved Learning Partners also offer tuition for this program. The 3-hour exam is held twice per year, once in June and again in December, at the ACCA’s 350 examination centres around the world. 30 CPD credits are available for completing the study part of this course and a further 12 CPD credits for successfully passing the exam. Deadline for registering for the June 2009 examination is April 15, 2009.

As you can see from the above, there are a lot of resources out there plus more that we haven’t mentioned here. A full list of resources and links can be found by clicking on one of the "useful links" on the left – so feel free to click away and remember to check back often as we continually update our site with links to new resources.

Stay tuned for our next issue when we will assess the resources offered by the Big 4 accounting firms, but until then keep your eye on the date and good luck with your IFRS learning, planning, and execution. PTC Accounting & Finance is keen to hear from candidates and consultants who are interested in IFRS contract positions. If you haven’t updated your resume with us recently, or you want to register your interest in being considered for IFRS contracts, please contact us at This e-mail address is being protected from spambots. You need JavaScript enabled to view it for further details. Remember, the contract business is founded on expedience, registering with us before a contract opportunity is available will ensure that you are always considered for appropriate opportunities when they arise and it allows us to react to our clients’ needs quickly.

Remember to take a look at our affiliates and our events calendar to keep up with what IFRS events are happening. Many course providers offer discounts to friends of PTC, so be sure to click on the link at the top of the page to obtain the affiliate discount coupon code.