Expert: Shirley McAllister, CPP, PHR - 9/22/2009

Question
Hi Shirley my question is about IFRS. I live in Canada and I'm thinking about becoming an accountant. On Jan. 2010 IFRS will come into play here in Canada. Is there any point in learning accounting now or should I wait till IFRS is implemented?

Tony

Answer
Core accounting will still apply. The new IFRS are the new International Accounting Rules. Yes, you will have to learn then later if you do not learn them in the accounting you are now taking. It will still not change the core of accounting but simply is an additional piece of the accounting equation.

Many of the standards forming part of IFRS are known by the older name of International Accounting Standards (IAS). IAS were issued between 1973 and 2001 by the Board of the International Accounting Standards Committee (IASC). On 1 April 2001, the new IASB took over from the IASC the responsibility for setting International Accounting Standards. During its first meeting the new Board adopted existing IAS and SICs. The IASB has continued to develop standards calling the new standards IFRS.

It is simply an addition to the existing accounting rules.

I think it would be fine to go ahead and learn your accounting now and then add on the new regulations.

Shirley