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

The US position on the adoption of IFRSs was never a factor in the Accounting Standard Board’s (AcSB) decision to adopt IFRSs for Canada. During the AcSB’s consultations with Canadians on the strategy, the majority of Canadian public companies indicated that they were not interested in the expense and effort required to adopt the detailed and extensive US GAAP. Further, the adoption of IFRSs provides access to global markets, as well as the US market.

The US does not have an IFRS transition strategy at this time, however following a 2007 decision by the US Securities and Exchange Commission, foreign private issuers who prepare their financial statements in accordance with IFRSs are no longer required to file reconciliations to US GAAP.