Get ready for IFRS conversion in Canada.

• Position: Financial reporting - International Financial Reporting Standards

Most senior financial executives are taking stock of what has been accomplished in this challenging year and what is left to be done. Many are thankful that their corporation has navigated the turbulent waters of the current economic crisis and are looking forward to stabilization or even slight growth over the next 12-to-18 months.

In the waning days of the last quarter of 2009 and the first quarter of 2010, there is one burning issue that many senior financial executives would like to go away but won't: The International Financial Reporting Standards project.

Taking a hard look at your organization and its prognosis, ask this question: Is your corporation going to be ready on Jan. 1, 2011, or not?

Unfortunately many corporations will not be ready if the senior executive team does not allow the IFRS conversion project to become its top priority. Many believe they have accomplished a major goal by keeping their collective skills and experience intact and by meeting all of their reporting deadlines and by keeping the corporate ship afloat this year.

But the senior financial executive is in a pivotal leadership role to communicate the critical risks the corporation faces if it does not meet the time deadlines for its IFRS conversion project. As the deadline approaches, the following need to be considered:

IFRS 1 implications. If you don't allow enough time to weigh the options surrounding IFRS 1 elections (e.g., valuations can't be completed on time) you may make choices that may have negative...