Proposal to let foreign companies use IFRS in Canada

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08 Jun 2003

The Canadian Securities Administrators have invited comments on a proposal (NI 52-107 and 52-107CP), Acceptable Accounting Principles, Auditing Standards and Foreign Currency, that would allow foreign issuers and foreign registrants to use either IFRS or US GAAP without reconciliation to Canadian GAAP.

Foreign companies would also be allowed to use their national GAAP if it covers "substantially the same core subject matter as Canadian GAAP", but with a reconciliation to Canadian GAAP. Canadian companies registered with the US SEC would also be permitted to use US GAAP. If an SEC issuer previously used Canadian GAAP and changes to US GAAP, it would be required to reconcile to Canadian GAAP for two years. In all cases, audits in accordance with either US GAAS or ISAs are required. Comments due 14 August 2003. Click to Download Proposal (PDF 167k).

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