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The Plan to Adopt IFRSs in Canada
IFRSs and Canadian GAAP
Key Aspects of AcSB IFRS Strategy
IFRS Discussion Group
IFRS Advisory Committee
Liaison with the IASB and Other Accounting Standard Setters
Links to Other Accounting Standard Setters The Plan to Adopt IFRSs in Canada In February 2008, the AcSB 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. Details of the AcSB’s strategy can be found here. - To facilitate the changeover, the AcSB issued two omnibus Exposure Drafts proposing to incorporate IFRSs into the Handbook as a replacement for Canadian GAAP for publicly accountable enterprises. The Exposure Drafts, together with related reports and articles, are available here:
- IFRSs and Canadian GAAP
The AcSB staff have prepared a summary of which IFRSs are expected to apply for Canadian changeover in 2011 and the effect of those changes, as well as several comparisons between IFRSs and Canadian GAAP, and information about the implication for existing Canada/US GAAP differences, as follows:
- Key Aspects of AcSB IFRS Strategy
The AcSB has published a number of Bulletins and held a webinar that deal with key aspects of the AcSB’s plan for publicly accountable enterprises:
IFRS Discussion Group To provide a regular forum at which issues that arise relating to the application of IFRSs in Canada can be discussed, the AcSB formed an IFRS Discussion Group (IDG). Information about the IDG, including reports on public meetings, and future meeting dates is available here. IFRS Advisory Committee To provide support to the AcSB on transitional and technical issues arising during the period of incorporation of IFRSs into Canadian GAAP, the AcSB formed an IFRS Advisory Committee (IAC). Information about the IAC, including Reports on public meetings, is available here. The IAC held its last meeting on July 22, 2009. - Liaison with the IASB and Other Accounting Standard Setters
- 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.
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. A report of the September 2009 meeting of National Standards Setters is available here. 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 Accounting Standard Setters
Staff support: Ian Hague, CA and Karen McCardle, CA
Phone no.: +1 (416) 204-3270 and +1 (416) 204-3465
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