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Small Canadian companies struggle with IFRS

A third of Canadian companies with revenue below C$49m ($46.5m) have said they don’t have the resources to convert to IFRS. However, most Canadian listed companies will be ready to begin reporting using IFRS by the January 2011 deadline.

The report into Canadian companies’ convergence efforts, IFRS Readiness in Canada: 2010, was published by the Canadian Financial Executives Research Foundation, the research institute of Financial Executives International Canada and PricewaterhouseCoopers (PwC).

The report identified that 28% of surveyed Canadian companies anticipate a decrease in reported net income in the first year of IFRS adoption, 22% expect earnings per share to fall and 28% expect an increase in pension liabilities.

All respondents with annual revenue of more than C$20bn were more than 60% complete in their adoption process. But just 41% in the C$50m to C$249m range were more than 60% complete.

The results of the research are based on responses from 146 senior financial executives across Canada who completed the survey in March and April 2010.

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