Canadian public sector entities will use IFRSs

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17 Nov 2009

The Canadian Public Sector Accounting Board has amended the scope of public sector accounting standards to require that government business enterprises (GBEs) – public sector entities with self-sustaining, commercial-type operations – follow International Financial Reporting Standards (IFRSs) for periods beginning 1 January 2011.

This allows for a comparison of similar entities in the public and private sector.

Private sector businesses in Canada will also be required to use IFRSs starting on the same date. Click for Press Release (PDF 103k).

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