Exempt Market Dealers (EMDs) with fiscal year ends
commencing January 1, 2011, have already joined the rank of
public companies report their financial results under International
Financial reporting Standards (IFRS). However, EMDs with
a December 31, 2011 year-end are now in the throws of the
changeover form Canadian GAAP to IFRS. In the post NI 31-103
world, many EMDs were just getting accustomed to preparing
audited financial statements for the first time in 2010. Now
another major change – they have been IFRS’d!
For many EMDS, the IFRS conversion process means taking
another look back at their 2010 and 2009 results to see if results
need to be restated to conform to IFRS. As one overwrought
client remarked to me: “will all these changes ever end?”
So what can a typical EMD expect when adopting IFRS?
Our experience with interim and annual financial statements
of publicly traded companies and dealers suggests that there is far
more work required than initially thought. IRFS places a number of
EMDs have been IFRS’d!
By Stephen Warden, CA, EMDA Director and Partner, parker simone LLP