Unlike other mandatory timelines, the disclosure requirements for public companies commence this year. The guidance requires an increasing degree of detail as the implementation date draws closer and divides the disclosures into interim and annual periods beginning three years prior to change-over.

The main elements of implementation include:

Accounting policies (including choices among policies permitted under IFRS) and implementation decisions (retrospective vs. prospective)

Information technology and data systems

Internal control over financial reporting

Disclosure controls and procedures

The IFRS is intended to introduce a common reporting language for firms globally.