1. What are IFRSs?

International Financial Reporting Standards (IFRSs) are the collection of financial reporting standards issued by the International Accounting Standards Board (IASB), an independent, international standard setting organization. The aim of IFRSs is to provide "a single set of high-quality, global accounting standards that require transparent and comparable information in general purpose financial statements" (IFRS Handbook, Introduction). January 1, 2011, IFRSs replaced Canadian generally accepted accounting principles (GAAP) as the financial reporting framework for publicly accountable enterprises and government business enterprises.