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Canada Converts from GAAP to IFRS by 2011
Canada's public companies are converting from Generally Accepted Accounting Principles (Canadian GAAP) to International Financial Reporting Standards (IFRS) as of 2011.
| FACT |
BACKGROUND ON CANADA'S CONVERSION TO IFRS BY 2011 |
| WHO: |
Canadian publicly accountable enterprises |
| WHAT: |
Required to adopt International Financial Reporting Standards (IFRS) in place of Canadian GAAP |
| WHEN: |
Effective for interim and annual financial statements relating to fiscal years beginning on or after 1/1/11. This includes the preparation of 2010 comparative figures. |
HELPFUL RESOURCES
Adopting IFRSs in Canada: Exposure Draft of Proposed Accounting Standards
Published in April, 2008 by the Canadian Accounting Standards Board.
Overview of Canada's Plan to Adopt IFRSs by 2011
As published by the Chartered Accountants of Canada
Reported Canadian/US GAAP Differences — Summary of Survey of Canadian Annual Reports for Years Ending in 2006 January 17, 2008 [PDF]
AcSB guide to implementation considerations [PDF]
Concept Paper 52-402 of the Canadian Securities Adminstrators
Possible Changes to Canadian Securities Rules Relating to IFRS
Ontario Securities Commission List of Public Companies
Canadian Securities Administrators
The CSA is a forum for the 13 securities regulators of Canada's provinces and territories to coordinate and harmonize regulation of the Canadian capital markets.
Canadian Embassy data on U.S.-Canadian Trade
In 2006, bilateral trade between Canada and the U.S. in goods and services was $577 billion, with over $1.6 billion worth of goods and services crossing the border every single day. Almost 40 states have Canada as their leading export market, meaning that many U.S. companies will need to also become familiar with IFRS.
State-by-State Fact Sheets on U.S.-Canada International Trade Statistics
Published by the Canadian Embassy
International accounting expert Dr. Barry Epstein, CPA, is available to speak with the media, work with attorneys on contract provisions, or consult with corporations on conversion matters involving IFRS and GAAP. He can be reached by email or 312-464-3520.
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