Changes to Canadian accounting standards

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Accounting and finance professionals are in high demand from employers, a trend we expect to persist throughout 2017 and 2018.

In part, this demand will be driven by impending changes to financial and accounting regulation and the needs of businesses to adapt their processes to ensure that they are compliant.

These changes in regulation present an opportunity for finance professionals to position themselves to be most valuable to employers looking to make these changes.

Changes in legislation

Changes in IFRS legislation are a high priority for banks and other financial services institutions, as the deadlines for complaints draw closer, with some areas requiring adherence in 2017, others in 2018.

As a result, finance professionals with expertise in ensuring compliance with IFRS 2 (share base payments), IFRS 4/17 (insurance contracts), IFRS 9 (financial instruments) IFRS 15 (revenue from contract with customers) and IFRS 16 (leases) will all be highly sought after.

“Finance professionals looking to change roles will need to highlight their experience in IFRS compliance using clear examples of when they have solved complex accounting issues in order to secure the most sought after jobs,” commented Martin Fox, Managing Director at Robert Walters.

“Increasingly, businesses are looking for finance professionals who play a role in including helping the business to adapt and plan for the future, and a background in IFRS compliance will be particularly highly sought after.”

Impact from the USA

Changes to legislation in the US will also have a significant impact Canadian finance professionals as American companies convert from US GAAP to IFRS and their Canadian offices will need to adapt to the changeover.

Increasingly, businesses are looking for finance professionals who play a role in including helping the business to adapt and plan for the future, and a background in IFRS compliance will be particularly highly sought after.

Changes in revenue recognition standards in particular will be an important area for US firms to address before 2018. Most companies are adapting a new five-step model to recognize revenue from customer contracts and the changes will have a large impact on IT, policies and procedures.

“Canada remains an important market for many US banks and financial institutions and ensuring compliance with new legislation will be a top priority in light of increased pressure from regulators,” continued Fox.

“Finance professionals who can ensure that these process changes are smooth and efficient will have the potential to negotiate high salaries and benefits from employers, particularly for contract roles.”

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