OSC Perspectives
You asked us: What is IFRS?
September 17, 2009 -
IFRS stands for International Financial Reporting Standards. Effective January 1, 2011, IFRS will replace Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises. Canada will join the more than 100 countries currently requiring or permitting IFRS.
“A single set of high quality accounting standards will make it easier for investors to compare companies globally. For Canadian businesses with multi-national operations, it is expected to be more efficient and cost effective by eliminating the need to convert information reported under different national standards,” explains Cameron McInnis, Chief Accountant of the Ontario Securities Commission.
While the move to IFRS is one of the most significant changes in the history of Canadian accounting standards, IFRS is based on a set of principles that is consistent with Canadian GAAP. In addition, a number of standards have already been harmonized with IFRS.
See IFRS for information on how IFRS will affect issuers in Canada.
“A single set of high quality accounting standards will make it easier for investors to compare companies globally. For Canadian businesses with multi-national operations, it is expected to be more efficient and cost effective by eliminating the need to convert information reported under different national standards,” explains Cameron McInnis, Chief Accountant of the Ontario Securities Commission.
While the move to IFRS is one of the most significant changes in the history of Canadian accounting standards, IFRS is based on a set of principles that is consistent with Canadian GAAP. In addition, a number of standards have already been harmonized with IFRS.
See IFRS for information on how IFRS will affect issuers in Canada.
