AcSB presentation to ASOC

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11 Feb 2005

On 10 February 2005, the AcSB made a presentation to its oversight body, the Accounting Standards Oversight Council, outlining its vision of the future of accounting standards in Canada.

Broadly described, AcSB's proposal – which must be considered by the AcSB's constituents and by Canadian regulators – would involve adopting IFRSs in full as Canadian GAAP while allowing those entities that want to do so to use US GAAP. The transition to IFRSs would be made over a five-year period. The AcSB proposals would be set out in a new invitation to comment that is expected to be published by 31 March 2005.

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