Friday, May 14, 2010

Canada - Interpreting the IFRS world

Under Canadian generally accepted accounting principles, the interpretations issued in the abstracts of the Emerging Issues Committee (EIC) of the Accounting Standards Board (AcSB) have been an essential part of Canada’s accounting standards. In the future, publicly accountable enterprises will be required to prepare financial statements using International Financial Reporting Standards (IFRS). To be effective, a single set of standards needs only one designated interpreter, and for IFRS that’s IFRIC. (Read the article “Interpreting the IFRS world” in the May 2010 issue of CAmagazine, also available as an online, interactive Digital Edition.)