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We have been greatly blessed at Creation Technologies with a Finance and Accounting team that is proactive.  These people serve as active business partners and are directly engaged with our unit leadership teams, our customers, our suppliers and other business partners in leading us into the future. 

From Left to Right: Edwin Fok, Brian Fearncombe, Coree Weber, Margaret Fram, Norris Chan and Charmaine So

In late 2009, key members of our Finance team (pictured above) took on a project to transition our audited financial statements from Canadian GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards).  The goal of IFRS is to develop, in the public interest, a single set of high-quality, understandable, enforceable and globally accepted financial reporting standards based upon clearly articulated principles.  Impressive!

Currently, there are over a hundred countries that have adopted IFRS including Australia, India, South Africa and countries in the European Union, to name a few.  It is a requirement in Canada for all publicly accountable enterprises to adopt IFRS.  Although Creation is not a public company, our team decided to adopt it.  IFRS creates a framework that improves our reporting by making it consistent with other companies and provides us with more opportunities in the future. 

While IFRS has not been adopted in the USA yet, there is discussion underway that may result in USA GAAP converging and/or better aligning with IFRS.

After more than a year of analysis, calculations and revisions, our team successfully converted our 2010 financial statements to IFRS compliant statements that will be used for comparatives for our 2011 statements.  They also implemented the changes required to our ongoing accounting and financial reporting processes. 

Very special thanks to our Creation IFRS Team Members who, under the guidance of Mike Walsh our Chief Financial Officer, completed the project.  It was great to see the team bring this project in on time and under budget.  Well done!

This is just one example of the great work that our Finance and Accounting team members do each day.  Whether it is working on our Economic Engine as incorporated in our Hedgehog Concept (see Good to Great by Jim Collins), helping to plan for the future, delivering comprehensive business information on a weekly or monthly basis, serving as active business partners, or doing so many other things, it is great to see our Finance and Accounting team members across all our units making a great contribution to our company’s success.

Does your Finance and Accounting team play an active role in leading your business into a brighter future? Do they live out the Core Value of Entreprenuership?  Are they part of the action? Are they serving as key business partners?  Or, do they merely show up after the action is all over to account for what happened?

2 Comments to Proactive Finance & Accounting Team Delivers on IFRS Project

  1. Warren Wong's Gravatar Warren Wong
    Dec 3, 2011 at 1:45 pm | Permalink

    Great talent begets great results. Kudos to your Finance and Accounting team. I look forward to learning more about the other Creation teams.
    Warren

  2. Kai's Gravatar Kai
    Apr 13, 2012 at 4:53 am | Permalink

    I find the article very interesting and am surprised that despite the fact that the United States are slowly shifting from GAAP to IFRS, the first one is still predominant. Unification of the accounting standards would be beneficial to global economy and could effectively increase transparency. As of now, GAAP may be interpreted differently by various parties therefore could cause many discrepancies and hidden facts. A main difference between the two accounting standards is the fact that the US GAAP leaves much room for interpretation in terms of the capital and capital maintenance during the recession while IFRS includes more variables for justification within similar global scenario. If collided with IFRS it could be difficult for the companies investing in foreign markets to remain transparent, or simply credible. The SEC should accelerate the shift as the major US trade partners, such as the EU, China, and Brazil, have already shifted or are during its process.

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