How will Canada make the transition?

Canada’s general approach to achieving convergence with IFRS will include:

• adopting standards newly developed by the International Accounting Standards Board (IASB) that are converged with standards issued by the US Financial Accounting Standards Board (FASB), as these new global standards are issued;
• replacing other Canadian standards with corresponding IFRS already issued, in accordance with a separate convergence implementation plan to be developed in consultation with affected stakeholders;
• working with both the IASB and the FASB to ensure that the Canadian perspective is taken into account in their deliberations; and
• working to promote the further convergence of IASB and FASB standards.

In taking on a role in the development of global standards, Canada has prepared a Comparison of IFRS and Canadian GAAP, as well as a Survey of Reported Canadian/US GAAP Differences.