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The Plan to Adopt IFRSs in Canada
The AcSB has adopted a strategy to apply International Financial Reporting Standards (IFRSs) to publicly
accountable enterprises in the future. Details of the AcSB’s strategy can be found here.
In May 2007, the AcSB published an updated version of its "Implementation Plan for Incorporating International Financial Reporting
Standards into Canadian GAAP (PDF)". This plan includes an outline of the key decisions that the AcSB will need
to make as it implements the Strategic Plan for publicly accountable enterprises. One step in the
implementation plan was for the AcSB to conduct a Progress Review to determine if the changeover date to
IFRSs of January 1, 2011 continued to be appropriate.
In February 2008, the AcSB completed these activities and announced that the changeover to IFRSs for publicly
accountable profit-oriented enterprises is for interim and annual financial statements relating to fiscal
years beginning on or after January 1, 2011. The final Progress Review Report was published, along with
related progress reports.
- In April 2008, to facilitate the changeover, the AcSB issued an omnibus Exposure Draft
proposing to incorporate IFRSs into the Handbook as a replacement for Canadian GAAP for most publicly
accountable enterprises. The Exposure Draft, together with related reports and articles, are available
here:
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- The AcSB has published five Bulletins and an audio presentation, which summarize key
aspects of the AcSB’s plan for publicly accountable enterprises:
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The AcSB staff has published a summary of changes to Canadian GAAP for publicly accountable enterprises
anticipated before the changeover date to IFRSs: “Publicly
Accountable Enterprises — The Road to IFRSs (PDF)” February 22, 2008.
IFRS Advisory Committee
To provide support to the AcSB on technical issues arising during the period of incorporation of IFRSs
into Canadian GAAP and beyond, the AcSB has formed an IFRS Advisory Committee (IAC). Information about the
IAC, including Notices of, and Reports on, public meetings is available here.
- IFRSs and Canadian GAAP
- With the future incorporation of IFRSs into
Canadian GAAP, it is important for those who will be affected by IFRSs to participate in their development.
For many years, the AcSB has been active in the development of IFRSs. The following provides information
about those activities as well as opportunities for others to participate.
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- The AcSB staff have prepared several comparisons between IFRSs and Canadian GAAP, as well as US GAAP, as
follows:
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Liaison with Other Accounting Standard Setters
The AcSB Chair and senior staff regularly liaise with other national accounting standards setters. This
includes participation in semi-annual meetings of accounting standards setters, as well as in the IASB
sponsored annual meeting of World Standard Setters.
Information about the activities of the now disbanded G4+1 group of standard setters, including the
availability of position papers and special reports issued by that group, is also available here.
- Links to Other Standard
Setters
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Staff support: Ian Hague, CA and Karen McCardle, CA
Phone no.: +1 (416) 204-3270 and +1 (416) 204-3465
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