Definitions for International Financial Reporting Standards (IFRS)
- Date of transition
The beginning of the year prior to the year of adoption.
- Legal entity
Includes all entities that are required to file a return under subsection 150(1) or subsection 149.1(14) of the Income Tax Act.
- Tax cost
The cost attributable to assets as measured on acquisition date or the value of liabilities as measured on issue date, adjusted pursuant to requirements under the Income Tax Act or Excise Tax Act.
- Transfer prices
The prices at which services, tangible property, and intangible property are traded across international borders between related parties.
- Transitional adjustment
Adjustment required to correct for an IFRS amount that has already been taxed in earlier years or has been omitted from the calculation of taxable income in the current year.
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