Comparison of Canadian GAAP and IFRSs
06 May 2005
In April 2005, the Accounting Standards Board (AcSB) of Canada invited comments on its draft strategic plan, Accounting Standards in Canada: Future Directions.
The draft plan includes the AcSB's proposal that public companies in Canada should follow IFRSs rather than Canadian GAAP, with a five-year transition period. To give commentators on the plan a better basis for understanding the extent of change that the proposed convergence to IFRSs might entail, the AcSB staff have prepared a high-level comparison of Canadian standards and IFRSs as of 31 March 2005. AcSB staff are also developing a more detailed comparison for those interested in comparison at a technical level. That comparison is expected to be available before 31 July 2005. Click: