IIROC proposes to harmonise regulatory financial reporting standards with IFRS

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30 Aug 2010

A proposal published by the Investment Industry Regulatory Organization of Canada (IIROC) on 27 August 2010 shows that IFRS is infiltrating more widely than just financial reporting to become the global accounting language.

The proposal is for moving to International Financial Reporting Standards (IFRSs) for regulatory reporting albeit with some departures in certain areas, which are, however, "limited to only situations where the effort and cost to converge outweigh the regulatory value or benefit of complying with IFRS". The proposal is available on the IIROC's website; comments are due within 60 days of the publication of the notice.

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