Canadian Companies IRFS Canadian Publicly Accountable Entities GAAP for Private Enterprises Non Publicly Accountable Enterprises.

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Presentation transcript:

Canadian Companies IRFS Canadian Publicly Accountable Entities GAAP for Private Enterprises Non Publicly Accountable Enterprises

Opening Balance Sheet Date/Date of Transition January 1, 2010 January 1, 2011 IFRS Reporting Date December 31, 2011

 Common set of Global Accounting Standards ◦ Comparability and ease of Understanding ◦ Eliminates Barrier for Capital Markets  Almost 100 countries to date… United States?  “Principles Based” ◦ Allows for greater professional judgment than GAAP (which is “Rules Based”) ◦ More flexible to unique economic and business circumstances will create better financial reporting

 Currently GAAP is under the umbrella of the Accounting Standards Board (ASB)  With the change to IFRS…  ASB ◦ Responsible for GAAP Private Enterprises  International Accounting Standards Board (IASB) ◦ Responsible for IFRS

 IFRS ◦ Statement of Financial Position ◦ Statement of Comprehensive Income ◦ Statement of Changes in Equity ◦ A Statement of Cash Flows  PE GAAP ◦ Balance Sheet ◦ Income Statement ◦ Statement of Cash Flows ◦ Statement of Shareholders’ Equity