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Chartered Accountants of Canada

Canadian Standards in Transition > IFRSs in Canada > FAQs

FAQs

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1. What are IFRSs?

2. Why did the AcSB adopt IFRSs?

3. Who was affected by the adoption of IFRSs?

4. When did the changeover to IFRSs take place?

5. Some resources make reference to the “changeover date” and the “transition date”. What is the difference?

6. How closely does the AcSB intend to follow IFRSs? Will there be adaptations and modifications?

7. How did the changeover to IFRSs affect publicly accountable enterprises?

8. How do IFRSs compare with pre-changeover Canadian GAAP?

9. When should affected entities start preparing for the change to IFRSs and when should they start gathering data under IFRSs?

10. Are disclosures regarding the pending changes resulting from an enterprise’s transition to IFRSs required before 2011?

11. How widespread is the use of IFRSs internationally?

12. Did it make sense to transition to IFRSs when the United States has not?

13. How will the transition to IFRSs affect standard setting in Canada?

14. How can Canadian CAs have input into the IFRS standard-setting process?

15. Is there education support for accounting academics and students?

16. As a CA, what do I need to know about IFRSs?

17. How can I learn more?

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