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Canadian securities regulators consider whether to allow IAS, US GAAP

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19 Mar 2001

Canadian securities regulators have requested comment on whether they should allow Canadian and foreign companies to file using IAS or US GAAP instead of Canadian GAAP.

Currently, Canadian registrants must use Canadian GAAP. Foreign registrants may use IAS but then generally must reconcile to Canadian GAAP. Many Canadian companies already prepare US GAAP statements, in additional to Canadian GAAP, because they have US as well as Canadian listings. In Canada, securities markets are regulated provincially rather than nationally. The provincial regulators have published a joint request for comments that is available on this website [Executive Summary, 10k PDF and Discussion Paper, 90k PDF] or on the websites of the Ontario Securities Commission, the Alberta Securities Commission, and the British Columbia Securities Commission.

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