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Essay / Research Paper Abstract
This 3 page paper looks at some of the implications of Canada moving from Canadian GAAP to IFRS, looking at some of the practical issues and the impact on the accounting profession as well as organizations in Canada. The bibliography cites 2 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TECanIFRS.rtf
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Unformatted sample text from the term paper:
companies and those in the accounting professions as it has been announced by the Canadian Accounting Standards Board (AcSB), that the move will be made for all publicly accountable bodies,
and fully implemented by 1st January 2011, when Canadian GAAP will cease to exist (KPMG, 2007). This may be seen as representing a major change, prior to
this the approach adoption in Canada had been one of harmonization with US GAAP, a process that had been in place for five years (KPMG, 2007). US GAAP and IFRS
had been moving closer together through a series of moves, but with this there are still some significant differences, which means Canadian enterprises will have a significant adjustment to make.
It may be argued that as Canada is adopting IFRS after a large number of other countries there is the potential to learn from the experiences of these other
countries; there was a general indication that the amount of effort needed who was underestimated (KMPG, 2008). There are a number of similarities, in general there are similar approaches
to many aspects, and convergence has been taking place indirectly, for example IAS 7 and Section 1540 deal with cash flow and cash flow statements are converged, with one exception,
IAS does not prohibit the cash flow per share from being included, just as IAS 1 and Section 1530 have mainly, but not totally converged (CICA, 2009).
There are also some major issues, for example, in Canadian GAAP there are some separate standards for not for profit organizations, other differences in the framework
include the fact Canadian GAAP do not have any concepts of "true and fair override", Canadian GAAP also allows for some exemptions for the way assets and liabilities of rate
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