HR has leading role to play in IFRS

What HR should do to prepare for impending changes in financial reporting standards
By Melissa Hamelin
||Last Updated: 05/04/2009

Organizations that take a holistic approach to the conversion to international financing reporting standards (IFRS) are more successful in adopting IFRS than those that view it as a pure technical accounting exercise, according to Diane Kazarian, Toronto-based IFRS national practice leader for PricewaterhouseCoopers in Toronto.

The impact of the conversion to IFRS from Canada’s generally accepted accounting principles will vary in length and complexity for each organization, but it’s a process HR professionals should take a lead in, said Bruce Sprague, Ernst and Young’s human capital practice leader in British Columbia.

“It is a lot more than just an accounting exercise, it will have an impact on people, processes and technology,” he said.