Ifrs in Canada

NEW YORK INSTITUTE OF TECHNOLOGY
School of Management — Vancouver campus
MBA PROGRAM
Intermediate Financial Accounting
Group Project

IFRS in Canada

Li, Xuan(Sean)693616
Zhang,Wei (Will) 696447
Lin, Yu Ning (Mia)654338
Wei, Hsing-I (Konnie) 685227
You, Jing Jing (Jean) 696446
Chang, Wenwen (Grace) 690079
  1. Introduction of Canada GAAP
On January 1, 2011, current Canadian Accounting Standards will be replaced by International Financial Reporting Standards (IFRSs). But this change only applies to publicly accountable enterprises, which include:

Non-profit organizations and private enterprises are excluded. Canadian Accounting Standards Board has provided two options for private enterprises. They can choose to adopt either the new Private Enterprise GAAP or IFRSs as their accounting standards. This change will be took effect on or after January 1, 2011.

In our research paper, we will introduce IFRSs, current Canadian Generally Accepted Accounting Principles (Canadian GAAP), Private Enterprise Generally Accepted Accounting Principles (Private Enterprise GAAP), the advantages and disadvantages of them, the differences between them and analyze the reasons of Canada chose to adopt IFRSs.

IFRSs
International Financial Reporting Standards (IFRSs) is the framework and interpretations of financial report which adopted by the International Accounting Standards Board (IASB). Many existing standards of IFRSs are formerly well known as International Accounting Standards (IAS). IAS was established by the International Accounting Standards Committee (IASC) between 1973 and 2001. And IASC is the predecessor of IASB. In April 2001, IASB was established. IASB decided to retain and to amend the previously issued IAS. All new standards issued after April 2001 are called IFRSs.

There are approximately 120 nations permit or require IFRSs for domestic listed companies, and about 90 of them have fully conformed to IFRSs and include a statement... [continues]

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