Focus on IFRS

to O’Malley, the new private enterprise standards are a stripped-
down version of the GAAP everyone is already used to, with the
volume of disclosure pared by 50 per cent and many other areas
simplified. “We have had a lot of people opt for early adoption,” she
noted, “which tells you it’s not such a big deal.”
Morley believes this is true. “Once you explain it to the av-
erage small company, they understand life will be simpler and
more beneficial.”
And, again, it comes down to money. Geeta Tucker, who is
CFO of Agriteam Canada Consulting, which provides manage-
ment and technical advice to companies in developing coun-
tries, says her company will adopt private enterprise GAAP. “We
don’t have the resources to implement the conversion of main-
tain the constant market assessments required under IFRS even
though we recognize the potential benefits.”
Whether the change is to IFRS, private enterprise GAAP or
even the new auditing standards, “change is always stressful,”
says Schmidt. “All of a sudden, 90 per cent of the guidance
we are used to could be going out the window. We have fo-
cused so much on application and are primed to look at things
from a certain perspective. Now that perspective is being chal-
lenged.” END

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