This year, most of us have another challenge and it is IFRS. “The Canadian Accounting Standards Board has set January 1, 2011 as the official date for publicly accountable enterprises to begin using International Financial Reporting Standards (IFRS).” This was stated on our “TheGAAP.net” website. In addition, 2010 comparatives will be required for use in the 2011 Statements.

We approached some Accountants and asked them how up-to-date they were on IFRS. The responses ranged from “it doesn’t apply to me and I’m not interested” to “I’ve received the training and possess the necessary skills and knowledge.”

Where do you lie on this continuum? Where do you need to be and how much time do you have? I have the pleasure of working with many well known IFRS experts. They are a great source of knowledge on all aspects of this subject. The following lists different resources available that can enable us to learn IFRS quickly.

ARTICLES
A good start is news articles. These are a quick read and could provide you with a fast overview and/or an in-depth analysis on a specific topic.  Articles from well known authors such as Mike Morley, Gordon Heard, and Karine Benzacar have done much to increase knowledge of IFRS. For example Mr. Morley has written “Are You Ready for International Financial Reporting Standards?” He also wrote a four part series on the Principles of International Financial Reporting Standards. Gordon Heard wrote, amongst other informative articles, “What’s New with IFRS in Canada”. Karine Benzacar’s works have been published in well known publications such as the Financial Post, the Bottom Line, and the CMA Management Magazine, and has written “Closing the GAAP”.

WEBCAST
Webcasts are web-based events or a recording of an event, and are also good sources of IFRS information. Webcasts are usually not lengthy. The ones I have seen ranged between 45 minutes to one hour. Like articles; webcasts can provide a fast overview, and/or an in-depth analysis on a specific topic.  An added benefit is that it will be from the convenience of your office or home. Some are free and others you pay for. KPMG has a webcast called “IFRS Conversion The impact of IFRS on systems and processes: what you need to know” which is free.

WEBINARS
A webinar is a web-based seminar. A webinar’s big advantage over articles and webcasts is that it incorporates the ability to give, receive and discuss information. That it provides the means to discuss topics and to ask questions is a great benefit when you require clarification or need additional information. Gordon Heard and Karine Benzacar have both produced webinars. In fact, Gordon just ran a very successful series in November made up of: Leases, Stock Options and other share-based payments, Revenue Recognition, Fixed Assets, and Impairment of Assets.     

SEMINARS/WORKSHOPS
Next to the classroom, Seminars and Workshops are the best means of learning IFRS. They range anywhere from an hour to several days and even weeks in some cases. These are effective because face to face is the best way to successfully communicate using all the emotions that a Speaker and a listener can bring together. In addition, he or she is usually open to questions. Thus, not only is one learning, but also he or she is having all their concerns and inquiries addressed. I have had the pleasure of attending Mike Morley’s workshops, and have been delighted to present both him and Karine Benzacar to the readership of TheGAAP.net website, the "Business Zeitgeist" and "IFRS Zeitgeist" Newsletters. In fact we are pleased to be presenting Mike Morley who is offering a special 2-day IFRS Boot Camp in Toronto on January 21-22. In these two days Mike will show you how to prepare your initial balance sheet and speak about other financial statements.

BOOKS
Books are an excellent way to learn IFRS, however reading them can be time consuming and, along with articles and webcasts, you must be aware of any changes since they were written. If you’re looking for a quick read see IFRS Simplified a Paperback written by Mike Morley.

OTHERS
There are a host of other methods such as University, College, and private classes.
There are Consultants and organizations that will teach and, in addition, could also help complete the transition.

Are you ready for the transition from GAAP to IFRS? Are you aware that all accounting professionals should understand IFRS even if it does not currently apply, because IFRS is transforming traditional accounting and will eventually impact all accountants? 2010 is almost here and if you haven’t started, now is the time. What am I doing? I have my IFRS Simplified book in front of me and will attend Mike Morley’s Boot Camp in January. My IFRS resolution in 2010 is to learn it.

Written by: Paul J. Calleri, CMA of Paul J. Calleri, Consulting, Principal of “TheGAAP.net” – Principal and Editor of “The Business Zeitgeist” and the “IFRS Zeitgeist” newsletters.

Please note: Please share your comments and any tips you have to assist others to learn IFRS Fast:  pcalleri@thegaap.net