Services: Financial Reporting
Transition to a new accounting standard with minimal disruption
Financial reporting is complex and ever-evolving. To understand and implement these changes in financial reporting standards, our clients rely on us for very specific accounting advice. Crowe Soberman’s clients can be assured of professional support and assistance throughout the transition and beyond.
Over 100 countries around the world, including Canada, have now adopted International Financial Reporting Standards, or IFRS, for publicly-reporting organizations. IFRS is a set of internationally- accepted accounting principles used in preparing company financial statements across the globe. It facilitates an “apples-to-apples” comparison of financial results, reducing the costs inherent in traditional comparison methods.
Moving to IFRS has required significant changes in financial reporting as well as, in many cases, internal processes and policies. Many public companies have invested much time, education and management in this major change, and Crowe Soberman’s audit professionals have guided our public company clients through the process.
For many Canadian private companies, the transition has been to Accounting Standards for Private Enterprises, or ASPE. These standards may be seen as less complex than IFRS, but for private companies adopting these standards, the process is a major one that still requires the assistance and support provided by our team of experienced professionals.