Hi,

I have just recently starting working in a country that is about to adopt IFRS (2009) and was wondering if anyone had had experience with possible violations to debt covenants during the transition period. I am guessing that clients will have to communicate with their banks about the impact IFRS will have on their outstanding debt and request a document stating that the banks will request the payment on demand in the case of a violation. I am not sure if clients have realized this potential impact of going to IFRS, but I would like to be prepared. Thank you very much,