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Adopting IFRS in Canada. EXECUTIVE SUMMARY Canada is on the edge of a substantial
change that will change the way companies financially ...
... and 1 each from Australia, Canada, France, Germany ... principles of companies utilising
IFRS, with intentions ... While adopting IFRSs, “Australian standards setters ...
... By adopting policy and adapting its indigenous measures ... in other countries for example
Canada, Australia, Hong Kong ... are also working toward the adoption of IFRS. ...
... By adopting policy and adapting its indigenous measures ... Regulators in other
countries—Canada, Australia, Hong Kong ... toward the adoption of IFRS (Herdman, 2002). ...
... STANDARDS The Group will be adopting International Financial ... the impact of the change
to IFRS is not ... Chief Executive Officer Ifop Westwego (Canada) Optimum SA ...
Submitted by pharding on October 22, 2007
Category: Business
Words: 3870 | Pages: 16
Views: 173
Popularity Rank: 61,386
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EXECUTIVE SUMMARY
Canada is on the edge of a substantial change that will change the way companies
financially report to their investors and stakeholders. Adopting international accounting standards will impact Canadian investors and businesses, and change the way financial information is reported in Canada.
In Canada the accounting standards are set by the Accounting Standards Board of Canada (AcSB). AcSB establishes financial accounting and reporting standards for use by Canadian companies and not-for-profit organizations. The international standards are set by the International Accounting Standards Board (IASB).
By 2011, all of Canada’s 4,500 publicly accountable enterprises will be required to prepare their financial statements according to International Financial Reporting Standards (IFRS). In addition, by the end of 2008, all public audits in Canada will be conducted according to International Auditing Standards (IASs). Canada’s conversion to the International standards will take place over the next four years.
The AcSB will pursue separate strategies for each of the three major business entities in Canada. For public entities, the AcSB’s objective is to move to a single set of globally accepted high-quality standards. The transition to convergence with international financial reporting standards (IFRS) will take place over a five year period (2006 to 2011), with full convergence by the end of 2011.
For private entities, the AsCB has presented three options: A top-down approach based on IFRS for public entities; adoption of the IFRS-SME with or without modifications; an independently developed set of standards. There are many pros and cons of each of the options and all three entail significant changes and would require different implementation times for a smooth transition.
For Not-For-Profit organizations, the AcSB will continue to apply those elements of GAAP for...
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