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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