IFRS: A Hotel Appraiser’s Perspective on Valuation for Financial Reporting
By Russ Reynolds and Kevin Foster • Valuation Methodology • 6th January 2011
In 2008, the Accounting Standards Board of Canada (AcSB) announced that effective January 1, 2011, all profit-oriented Publicly Accountable Enterprises (PAEs) will be required to adopt a new framework for financial reporting known as International Financial Reporting Standards (IFRS). IFRS will replace Canadian Generally Accepted Accounting Principles (GAAP), a system of financial reporting that has been used in Canada since the 1960s. Depending on the level of preparation, the adoption of this new “common language” for financial reporting will be either challenging or rewarding for PAEs. While most companies have developed implementation strategies to manage the shift to IFRS, inevitably…