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The Plan to Adopt IFRSs in Canada
IFRSs and Canadian GAAP
Key Aspects of AcSB IFRS Strategy
IFRS Advisory Committee
Liaison with 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:
- Changeover to IFRSs: January 1, 2011 (May 8, 2009)
- Exposure Draft: Adopting IFRSs in Canada, II (March 2009)
- AcSOC Supports Global Approach to Financial Reporting Standards (November 11, 2008)
- Exposure Draft: Adopting IFRSs in Canada (April 2008)
- AcSB Confirms Changeover Date to IFRSs (February 13, 2008)
- Final Report on the Progress Review — Steps to IFRS Incorporation into Canadian GAAP (February 5, 2008)
- Time for Common Accounting Standards — National Post (January 30, 2008)
- Preliminary Report on the Progress Review ― Steps to IFRS Incorporation into Canadian GAAP (November 12, 2007
- Executive Summary of Preliminary Report on the Progress Review ― Steps to IFRS Incorporation into Canadian GAAP (October 26, 2007)
- Progress Review ― Steps to IFRS Incorporation into Canadian GAAP (July 31, 2007)
- "Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP" (May 2007)
- 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 six Bulletins and a video presentation, that deal with key aspects of the AcSB’s plan for publicly accountable enterprises:
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. - Liaison with 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 April 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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