Canadian companies who made the switch from Canadian generally accepted accounting principles (GAAP) to IFRS have reported that the costs were 'significant but manageable', and broadly in line with those planned for and expected.

A study conducted by the Canadian Financial Executives Research Foundation (CFERF) found that 76% of companies reported IFRS planning costs in line with budget forecasts, while the costs of training, contract changes and having financial results audited were generally about the same or lower than budgeted. Most (62%) reported transition costs of under $500,000 Canadian (£318,392).

Nearly all respondents said transition required little to no changes in their contracts and thus minimal renegotiation costs. Three-quarters said they did not have to make significant changes to their IT infrastructure as systems were more flexible than had been thought.

The study shows that, for about half of respondents, the costs of preparing and auditing financial statements under IFRS are about the same as under Canadian GAAP. The reminder were divided between those who found some savings, while others found it more costly.