Canada proposes to allow certain foreign issuers to use IAS

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29 Jun 2002

The Canadian Securities Administrators have Proposed (PDF 8k) that certain eligible foreign issuers would be allowed to submit financial statements prepared using International Accounting Standards or using GAAP in Australia, France, Germany, Hong Kong, Italy, Japan, Mexico, the Netherlands, New Zealand, Singapore, South Africa, Spain, Sweden, Switzerland, and the UK.

The CSA is also proposing that Canadian companies registered with the US SEC could use US GAAP, with a reconciliation to Canadian GAAP for the first two years in which US GAAP is used. Comments on the proposal are due 19 September 2002.

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