Private Company Strategies: New Directions

Over the next five years, Canadian accounting standards will move in new directions. Standards for public companies will converge with International Financial Reporting Standards (IFRS). That strategy was outlined in Bulletin #1. What about private companies — those that are not publicly accountable to a wide constituency? Should they also use IFRS? The research includes undertaking a comprehensive examination of financial statement user needs and determining the most appropriate financial reporting model to meet those needs. Private Company Strategies: New Directions (Bulletin #2) is an initial report on that research.