The cost of the transition to International Financial Reporting Standards was significant for many companies, but generally around the same amount they had budgeted or less than they expected, according to a new study.

The study, by Financial Executives International Canada, found that most companies were able to manage the costs, with 62 percent of the companies polled saying their transition budget was under $500,000. In addition, 72 percent of Canadian companies said it costs the same to prepare interim financial reports under IFRS as under Canadian GAAP.

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