Are IFRSs in Canada's future?
09 Sep 2004
The Accounting Standards Board of Canada is in the midst of developing a five-year plan for the period 2005-2010. The possibility of adopting IFRSs in Canada is one possible outcome.
The Invitation to Comment states:
Four key issues, which need to be addressed sequentially, are whether Canada should:
|
Currently, domestic Canadian companies are not permitted to use IFRSs in place of Canadian GAAP. Foreign securities issuers in Canada were permitted, starting in 2004, to use IFRSs without reconciliation to Canadian GAAP, though this amounts to only a handful of companies.