Wednesday, October 07, 2009

Canada - Accounting standards for private enterprises finalized

Canada's Accounting Standards Board (AcSB) has approved the final accounting standards for private enterprises in Canada. The new standards will be issued by the end of the year and will be available for 2009 reporting by entities that choose to adopt them early. The private enterprise standards give Canadian businesses the ability to choose to adopt new “made in Canada” standards or International Financial Reporting Standards (IFRS). Private enterprises must decide which set of standards to adopt for years beginning on or after January 1, 2011. (Read the AcSB Media Release. )