Canada

CICA updates assurance guide for transition to IFRS

28 Sep 2011

The Canadian Institute of Chartered Accountants (CICA) has released an updated version of its publication Assurance Implications of the Changeover to IFRSs.

The publication provides guidance to an entity's auditors dealing with significant auditing and assurance matters arising from their clients' changeover from existing Canadian GAAP to IFRSs. For many entities, International Financial Reporting Standards (IFRSs) will replace existing Canadian generally accepted accounting principles effective for interim and annual financial statements relating to fiscal years beginning on or after 1 January 2011.

The eighth edition of the publication contains minor updates to the previous versions and is available on the CICA website (PDF 299k).

Canadian Securities Administrators Notice on IFRSs

24 May 2009

On 21 May 2009, the CSA issued CSA Staff Notice 52-324 Issues Relating to Changeover to IFRSs.

The Notice is an update on issues related to the changeover to IFRS in Canada, including:

  • use of IFRS by a domestic issuer for periods beginning prior to 1 January 2011,
  • requirements for interim financial statements in the year of IFRS adoption, and
  • reference to IFRS and Canadian GAAP.

Regarding reference to IFRS in Canadian GAAP, the CSA proposes to allow two options for referring to accounting principles in a domestic issuer's financial statements and accompanying auditor's reports:

  • refer only to IFRS in the notes to the financial statements and in the auditor's report, or
  • refer to both IFRS and Canadian GAAP in the notes to the financial statements and in the auditor's report.

To implement those two options, CSA proposes the following requirements for domestic issuers for annual and interim financial statements relating to financial years beginning on or after 1 January 2011:

  • issuers must prepare their annual and interim financial statements in accordance with Canadian GAAP for publicly accountable enterprises,
  • issuers must make an explicit and unreserved statement of compliance with IFRSs in the notes to their annual financial statements, and disclose compliance with International Accounting Standard 34 Interim Financial Reporting in their interim financial statements, and
  • auditor's reports accompanying an issuer's financial statements must refer to IFRS and be in the form specified by Canadian generally accepted auditing standards for financial statements prepared in accordance with a fair presentation framework.

Click for CSA Staff Notice 52-324 Issues Relating to Changeover to IFRSs (PDF 48k).

Comparison of Canadian GAAP and IFRSs at 31 March 2007

01 Apr 2007

The staff of the Accounting Standards Board of Canada (AcSB) has prepared a high-level comparison of current Canadian standards and IFRSs. Its purpose is to provide information about the extent of similarity between Canadian GAAP and IFRSs. We are grateful to the AcSB for allowing us to post the comparison on IAS Plus.

The comparison covers significant differences only and does not include all of the differences that might arise in a particular entity's circumstances. It is not intended for use in preparing financial statements. To understand fully the implications of applying and preparing financial statements in accordance with IFRSs, users of this comparison and financial statement preparers should refer to the standards themselves. AcSB staff is also maintaining a more detailed comparison for those interested in comparison at a technical level. It is available on the AcSB's Website.

Click to download:

Implementation Advisory Committee holds first meeting

18 Aug 2006

On 16 August 2006, the IFRS Advisory Committee of the CICA held its first meeting and discussed the Accounting Standards Board (AcSB) Implementation Plan, including the definition of a publicly accountable enterprise, regulatory issues and disclosure.

Click for an Summary of Discussions at the Meeting (PDF 28k).

Future meetings of the IFRS Advisory Committee will be held on:

  • 3 November 2006
  • 18 December 2006
  • 3 May 2007
  • 28 June 2007

AcSB presentation to ASOC

11 Feb 2005

On 10 February 2005, the AcSB made a presentation to its oversight body, the Accounting Standards Oversight Council, outlining its vision of the future of accounting standards in Canada.

Broadly described, AcSB's proposal – which must be considered by the AcSB's constituents and by Canadian regulators – would involve adopting IFRSs in full as Canadian GAAP while allowing those entities that want to do so to use US GAAP. The transition to IFRSs would be made over a five-year period. The AcSB proposals would be set out in a new invitation to comment that is expected to be published by 31 March 2005.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.