Plan to adopt IFRS in Canada

Canada’s Accounting Standards Board (AcSB) has adopted a strategy to apply International Financial Reporting Standards (IFRSs) to publicly accountable enterprises in the future. In May 2007, the AcSB published an updated version of its Implementation Plan for Incorporating International Financial Reporting Standards into Canadian GAAP. This plan includes an outline of the key decisions that the AcSB will need to make as it implements the Strategic Plan for publicly accountable enterprises. The AcSB has published three Bulletins and an audio presentation, which summarize key aspects of the plan for publicly accountable enterprises (see AcSB International Activities and Strategic Planning).