The Implementation of International Financial Reporting Standards in Canada

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Essay #: 073052
Total text length is 10,141 characters (approximately 7.0 pages).

Excerpts from the Paper

The beginning:
The Implementation of International Financial Reporting Standards in Canada
Following extensive consultation with stakeholders, the Accounting Standards Board (
AcSB
) of the Canadian Institute of Chartered Accountants adopted International Financial Reporting Standards (IFRS) as Canadian GAAP. In doing so, it has, by extension, committed Canada’s largest companies to moving away from accounting rules that they have been following for more than half a century.
While there are many similarities between Canadian GAAP and the international standards, it is undeniable that this decision represents a profound change in financial reporting. The Ontario Securities Commission has described it as a fundamental change to reporting standards (as...
The end:
.....gazine.com/archives/print-edition/2011/april/features/camagazine48205.aspx
CIBC Mellon (April, 2011). IFRS: A changing landscape for Canada. Retrieved December 4, 2011 from http://www.cibcmellon.com/Contents/en_CA/English/KnowledgeLeadership/EForms/KL201104_IFRS.pdf
Milstead
, D. (August 3, 2011). Global accounting rules? Don’t tread on me, U.S. says. The Globe and Mail. Retrieved December 4, 2011, from http://www.theglobeandmail.com/globe-investor/global-accounting-rules-dont-tread-on-me-us-says/article2118898/
PwC
Canada’s IFRS Survey (2011). Insights into IFRS Standards in Motion — High Priority Projects: A
PwC
Canada Survey Report. Electronic version. Retrieved December 5, 2011 from http://www.pwc.com/ca/en/ifrs/ifrs-survey-result.jhtml