International Financial Reporting Standards (IFRS)
While the Canada Revenue Agency does not specify that financial statements must be prepared following any particular type of accounting principles or standards, the Canadian Accounting Standards Board (AcSB) requires publicly accountable enterprises (PAEs) to use IFRS in the preparation of all interim and annual financial statements.
Most private companies also have the option to adopt IFRS for financial statement preparation.
- Current Income Tax Technical News (ITTN) See Issues 41, 42 and 44.
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