AcSB presentation to ASOC
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.
