International Financial Reporting Standards (IFRS)

There is currently global convergence towards a single set of high quality accounting standards for use throughout the world. Accordingly, the Accounting Standards Board of Canada has adopted a strategic plan to adopt International Financial Reporting Standards (IFRSs) by publicly accountable enterprises in Canada.

The Board has included the IFRSs into the CICA Handbook - Accounting. Accordingly, effective for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011, IFRSs will replace Canadian generally accepted accounting principles (GAAP) currently applicable to publicly accountable enterprises.

Related topics

• Current Income Tax Technical News (ITTN) See Issues 41, 42 and 44.