Adopting IFRS in Canada - Omnibus Exposure Draft

Canada’s Accounting Standards Board (AcSB) has issued an omnibus Exposure Draft proposing to incorporate International Financial Reporting Standards (IFRS) into the CICA Handbook. IFRS would serve as a replacement for current Canadian GAAP for most publicly accountable enterprises effective for fiscal years beginning on or after January 1, 2011. The comment deadline is July 31, 2008. (View the Exposure Draft.)