When is Canada making the transition?

Given the increasing globalization of capital markets and other recent developments, Canada’s Accounting Standards Board (AcSB) has concluded that it is timely for publicly accountable Canadian enterprises to adopt globally accepted, high quality accounting standards. The AcSB believes that by providing reasonable lead time and a clear transition plan, the costs and disruption to affected stakeholders will be minimized. Its recently approved strategic plan, Accounting Standards in Canada: New Directions, will have fundamental and pervasive effects on Canadian financial reporting practices. Canadian GAAP will converge with International Financial Reporting Standards (IFRS) over a five-year transitional period.