IFRSs in Canada

Canada’s Adoption of IFRSs

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

Entities with rate-regulated activities have the option to defer their changeover to IFRSs by one year to January 1, 2012.  For investment companies and segregated accounts of life insurance enterprises, the AcSB agreed to extend the option to defer their changeover by two years to January 1, 2013 because of the timing of the related IASB project. This change proposed by the AcSB is expected to be issued into the CICA Handbook – Accounting in March 2011.

Private enterprises were given the option to adopt IFRSs or the new Canadian standards developed specifically to meet the needs of users of their financial statements for fiscal years beginning on or after January 1, 2011. Not-for-profit organizations may also choose to adopt IFRSs for fiscal years beginning on or after January 1, 2012.

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 as they learn about and use IFRSs. The menu on the left hand side of this page leads you to information, tools and training.  Be sure to visit the IFRS Transition Resource page. The icons on the right hand side highlight popular or recently added resources.