The risks of using spreadsheets for conversion from Canadian GAAP to IFRS

Learn about the risks of using ad-hoc spreadsheets to manage the conversion from Canadian GAAP to IFRS.

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Spreadsheets are invaluable dynamic tools that can provide a wide variety of functionality at a minimal cost. However, anything more than a simple spreadsheet has a high likelihood of errors and those errors can have a significant impact on the organization.

Companies relying on ad-hoc spreadsheets to convert from Canadian GAAP to IFRS are at an even higher risk because the information is reported externally.

IFRS and Spreadsheets: A High-Risk Combination discusses the risks associated with using spreadsheets to convert to IFRS and how to manage them:

  • Are spreadsheets the best tool for the job?
  • If spreadsheets are temporary, what is the permanent solution?
  • How can complexity be minimized?
  • How can the control environment be extended?
  • What are the audit considerations?