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Canadian standards board confirms 2011 transition to IFRSs

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15 Feb 2008

The Canadian Accounting Standards Board (AcSB) has confirmed that use of International Financial Reporting Standards (IFRSs) will be required in 2011 for publicly accountable profit-oriented enterprises.

IFRSs will replace Canada's current national GAAP for those enterprises. These include listed companies and other profit-oriented enterprises that are responsible to large or diverse groups of stakeholders. The official changeover date is for interim and annual financial statements relating to financial years beginning on or after 1 January 2011. Private companies (non-publicly accountable enterprises), and not-for-profit organisations are not required, but are permitted, to adopt IFRSs in 2011. Click for AcSB Press Release (PDF 50k).

 

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