It is March 2010, and we all know that this year our biggest challenge 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).” Private Canadian companies may choose to use IFRS for Private Enterprises (SME Standard) or the new GAAP for Private Enterprises for reporting effective January 1, 2011. In addition, 2010 comparatives will be required for use in the 2011 Statements.

We have approximately nine months before we are no longer allowed to use Generally Accepted Accounting Principles to prepare our Financial Statements. IFRS is here to stay. So what are we waiting for?

Since writing the original “How to learn IFRS; Fast” in December. I’ve seen more accountants begin to learn or continue to learn IFRS. We approached Accountants again and asking them if they were learning IFRS and keeping up-to-date.

Fewer people responded by saying “it doesn’t apply to me and I’m not interested” More and more are getting involved. Most of these are Accountants who have been trained because they are involved in their organizations transition, or in an organization that is offering IFRS services. Most of them were lucky that their organizations paid for their training. The rest of us have to find our own way.

I hope this article helps you learn, and learn fast. I work with many of the best known IFRS experts in Canada. They have the skills and knowledge to teach us IFRS as well as providing support for IFRS transition projects. Along with this, I reached out to the LinkedIn community for more sources of information. The response was incredible. The following represents the different resources available that can help us learn IFRS quickly from these two sources. I would like to thank our many LinkedIn contributors like Ramesh J. Fernando who took the time to provide their expertise on IFRS so that we could all learn IFRS fast.

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 “GAAP has worked great up to now, why change things?” I’d like to reiterate what I said in last month’s article that Mike has written a four part series on the Principles of International Financial Reporting Standards, and this is a great way to start. Gordon Heard wrote, amongst other informative articles, “Resisting IFRS”. Karine Benzacar’s works have been published in well publications such as the Financial Post, the Bottom Line, and the CMA Management Magazine, and has written "IFRS brings a radical change to financial statements”.

WEBCAST
Webcasts are web-based events or a recorded 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. You can listen to a replay of KPMG's Webcast on IFRS Conversion – The impact of IFRS on systems and processes: what you need to know for free at: http://www.kpmg.ca/en/ms/ifrs/webcast_IFRS_conversion.html

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. It provides the means to discuss topics and to ask questions. This is a great benefit when you require clarification or need additional information. Gordon Heard and Knowledge Plus Corp have both produced webinars. Knowledge Plus Corp has “IFRS FOR BOOKKEEPERS AND SMALL TO MID-SIZED BUSINESSES” at http://www.knowledgeplus.org/ifrs_for_bookkeepers.html

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: March 31, 2010 - Writing IFRS Policy and April 15, 2010 - IFRS versus GAAP Comparative Financial Statement Analysis If you ever wanted to learn IFRS and do it fast join me at Mr. Morley’s workshops.
Follow this URL for more details on Mike Morley and Karine Benzacar seminars/workshops: http://www.thegaap.net/accounting_events.html

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

OTHER
There are a host of other methods such as University, College, Power Point presentations, podcasts, white papers, 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? 2010 is almost here and if you haven’t started, now is the time. What am I doing? I’ve taken Mike Morley’s IFRS boot camp and IFRS for Private Enterprise (SME Standard), and signed up for his New GAAP for Private Enterprise, Writing IFRS Policy, and IFRS versus GAAP Comparative Financial Statement Analysis workshops. My IFRS resolution in 2010 is to learn it; join me as I go along the journey of IFRS knowledge.

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 help everyone learn IFRS; FAST email: pcalleri@thegaap.net