Monday, June 21, 2010

Canada - IFRS and Canadian GAAP Differences (BDO)

Both IFRS and Canadian GAAP are principle based frameworks, and from a conceptual standpoint many of the general principles are the same. However, the application of those general principles in IFRS can be significantly different from Canadian GAAP. Therefore, to understand the magnitude of the differences between IFRS and Canadian GAAP, it is essential to go beyond the general principles and look at the detailed guidance provided in the standards. This IFRS - Canadian GAAP Differences Series of publications by BDO Canada provides detailed information on the key differences between IFRS and Canadian GAAP.