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Foreign issuers in Canada may use IFRS without reconciliation

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27 Feb 2004

The provincial securities commissions in Canada have jointly adopted a regulation allowing foreign companies issuing securities in Canada to submit IFRS financial statements without reconciliation to Canadian GAAP.

The regulation takes effect 30 March 2004. A foreign issuer may also use US GAAP, but a reconciliation is required unless the issuer is also a US SEC registrant. A foreign issuer may also use national accounting standards from several other designated countries without reconciliation, or still other national GAAPs with reconciliation. Currently, 39 of the 3,602 companies listed on the Toronto Stock Exchange are foreign (mostly US companies with Canadian operations). Click for Regulation (PDF 242k).

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