IFRS will replace Canada's current generally accepted accounting principles for listed companies and other profit-oriented enterprises that are responsible to large or diverse groups of stakeholders.

The official changeover date is for interim and annual financial statements relating to fiscal years beginning on or after Jan. 1, 2011. Private companies (non-publicly accountable enterprises), and not-for-profit organizations are not required, but are permitted, to adopt IFRS in 2011.

The Canadian standards board originally proposed the 2011 changeover date in January 2006 when it announced its plan to adopt IFRS.

"With the date firmly established, enterprises can plan for the changeover with certainty about the timetable," said Paul Cherry, chair of the board. "A significant challenge lies ahead but it will be made far more manageable if business leaders prepare early."

Companies will have to provide comparative IFRS information for the previous fiscal year. Therefore, enterprises must be ready to prepare comparative information a year prior to the 2011 changeover date.

"This clearly demonstrates why planning for the transition to IFRS must begin now," said Cherry.