Strategic Planning - Publicly Accountable Enterprises

In March 2006, after extensive consultation the AcSB approved a Strategic Plan to govern its activities in the next few years. In its Strategic Plan “Accounting Standards: New Directions,” issued early in 2006, the AcSB noted that “one size does not fit all” and decided to pursue separate financial reporting strategies for public and private enterprises and not-for-profit organizations.

As part of the strategy, the AcSB proposed the adoption of globally accepted, high-quality standards by replacing Canadian GAAP with International Financial Reporting Standards for publicly accountable enterprises (PAEs).

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.

To assist constituents in understanding and planning for the changes arising from the new strategic direction for publicly accountable enterprises, this web page provides information about the Plan and its implementation, including documents for use by constituents in assessing an enterprise's situation in relation to the Strategic Plan.

Strategic Plan
Exposure Drafts
Progress Review
Other
Information to Assist in Implementation of IFRSs

Strategic Plan

• “Accounting Standards in Canada: New Directions”
• Bulletins
  No. 1, “Global Positioning: the New Direction” (April 24, 2006)
  No. 2, “Private Company Strategies: New Directions” (August 16, 2006)
  No. 3, “Public Companies and the Move to International Accounting: Getting There From Here” (September 1, 2006)
  No. 4, “Canada’s Move to International Financial Reporting Standards: Frequently Asked Questions” (January 19, 2007)
  No. 5, “Adopting IFRSs: Next Steps – Ours and Yours” (September 7, 2007)
  No. 6, “IFRSs in Canada: Cleared for Take-off” (March 2008)
  No. 7, “IFRSs: Guide for Procrastinators” (July 2009)
  No. 8, “Only Months To Go — IFRSs (Not the New Year)” (August 2009)
  No. 9, "The Lawyer, the Banker, the Investor and International Financial Reporting Standards" (October 2009)

Exposure Drafts

• Adopting IFRSs in Canada, III (October 2009)
• Adopting IFRSs in Canada, II (March 2009)
• “IFRSs — A Done Deal!” (May 5, 2008)
• Adopting IFRSs in Canada (April 2008)

Progress Review

• EIC Abstracts Review — IFRS Adoption (May 2008)
• Final Report on the Progress Review — Steps to IFRS Incorporation into Canadian GAAP (February 5, 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)

Other

• AcSOC Supports Global Approach to Financial Reporting Standards (November 11, 2008)
• AcSB Confirms Changeover Date to IFRSs (February 13, 2008)
• “Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP” (March 31, 2007)

Information to Assist in Implementation of IFRSs

Enterprises that will be affected by the convergence with International Financial Reporting Standards (IFRSs) should review the AcSB's International Activities page, which links to active IASB projects and documents for comment. As well, it provides resources to assist with implementation of IFRSs, including GAAP comparisons, summary bulletins and presentations. The AcSB encourages the submission of well-reasoned arguments to the IASB on the documents for comment, as the proposals in these publications will affect Canadian enterprises in the future.