Canada to switch to IFRS by 2011

According to Reuters, public Canadian companies are slow to adapt the new IFRS accounting system. With over 100 companies adopting IFRS, the slow implementation of IFRS could leave some companies rushing to convert to the system before official deadline switch of January 1, 2011.

Yet the study, conducted by CFERF, FEI Canada, and sponsored by PricewaterhouseCoopers, showed that 12 percent of the 147 public companies surveyed had not yet taken the first step of starting their initial diagnostic assessments.

About 80 percent of public companies remained short of the halfway mark in their overall conversion process.

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