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ARTICLE · 14 MARCH 2008

Anticipated Changes To International Financial Reporting Standards

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International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) will soon become the basis of financial reporting for public companies in Canada.

CanadaAccounting and Audit
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Edited by Martin Aquilina, Léonard Serafini and William Fuhgeh

International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) will soon become the basis of financial reporting for public companies in Canada. This change, which was announced in January 2006 by the Canadian Accounting Standards Board (AcSB), will take effect on January 1, 2011.

Currently, regulatory instruments of the Canadian Securities Administrators (CSA) refer to Canadian generally accepted accounting principles (GAAP) established by the AcSB. The guiding instrument on this matter is National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (NI 52-107). As a rule, under the existing NI 52-107, a Canadian public company must use Canadian GAAP when preparing its financial statements. However, if a Canadian reporting issuer is also a

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