IFRSs in Canada

Canada’s Transition to IFRS

Following extensive consultation with stakeholders, the Accounting Standards Board (AcSB) is adopting International Financial Reporting Standards (IFRS) as Canadian GAAP for publicly accountable enterprises (PAEs). The Public Sector Accounting Board (PSAB) is requiring government business enterprises (GBEs) to adopt IFRSs. In both cases, adoption is required for fiscal years beginning on or after January 1, 2011.  

Private enterprises have the option of adopting IFRSs or the new Canadian standards developed specifically to meet the needs of users of their financial statements. Not-for-profit organizations may also choose to adopt IFRSs.

IFRSs, issued by the International Accounting Standards Board (IASB), are high quality, global accounting standards that require transparent and comparable information in financial statements and other financial reporting.

Canada comprises less than four percent of world capital markets; therefore, IFRSs provide more opportunities for publicly accountable enterprises in Canada by eliminating the need for multiple GAAP reconciliations, increasing access to international capital markets, and potentially reducing the cost of capital.  

Background
IFRS Summaries
Access to the Standards

The CICA, along with Provincial Institutes/Ordre is committed to supporting members and the wider business community in managing the transition to IFRSs. The menu on the left hand side of this page leads you to information, tools and training you need to successfully manage the change to IFRS.  The icons on the right hand side of the page link to the most widely used resources.