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Essay / Research Paper Abstract
This 7-page paper discusses Canada's move to follow International Financial Recording Standards by 2011. Bibliography lists 5 sources.
Page Count:
7 pages (~225 words per page)
File: D0_MTcanifrs.rtf
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Unformatted sample text from the term paper:
comes to accounting procedures and practices. There is good reason for this - depending on the systems used from country to country, one companys profit could end up being anothers
net loss. To try to bring some sense to the variety of Generally Accepted Accounting Principles (GAAP) in various countries, the International Accounting Standards Board (IABS) has introduced the International
Financial Reporting Standards (IFRS). The EU came on board with the standards in 2005, New Zealand followed in 2007, and now Canada is up next.
According to the Canadian Institute of Chartered Accountants, in 2011, the accounting framework under which financial statements are prepared in Canada will operate under the IFRS (CICA).
On that date, the current system used, Canadian GAAP (not too dissimilar from the US GAAP), will effectively cease to exist (Greiss and Sharp). As we noted before, the European
Union (EU) went through this change in 2005, and its the intent of this paper to point out that experience in hopes of benefitting the upcoming change in Canada. Though
the IASB has a good motive for suggesting the change, moving from one system to another is not quite so easy. The
IFRS operates under the auspices of the IASB), which has as its mission "to develop, in the public interest, a single set of high quality, understandable and international financial reporting
standards (IFRS) for general purpose financial statements" (IASB). The key words here are "single set" and "understandable." Once Canadian accountants and financial preparers understand what is behind the IFRS, it
is likely to increase transparency of reporting. There are other benefits of adopting the IFRS, as well see in the next section.
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