Canada - Transition to International Financial Reporting Standards

Regarding the transition to International Financial Reporting Standards (IFRS), Canada's Accounting Standards Board (AcSB) has reviewed the comments received at the roundtable that took place on April 20, 2009 in Montreal. After considering the input received about the challenges of adopting IFRS, the AcSB concluded that there were no compelling arguments that would require delaying the changeover date. It reconfirmed that Canadian GAAP for publicly accountable enterprises will be IFRS for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. (Read the Accounting Standards Board Decision Summary - April 29, 2009.)