International Financial Reporting Standards:Their Adoption

After several years in the making and many twists and turns along the way, 2011 has finally ushered in a new era for information reporting by Canadian businesses. As of January 1, 2011, publicly accountable enterprises are now required to adopt international financial reporting standards (IFRS) and private enterprises have a choice of applying either IFRS or accounting standards for private enterprises (ASPE). This monograph presents a brief history of the development of these new standards and a summary of their key features. The authors explain how the standards will affect accounting for income taxes and provide examples of how accounting differences between current generally accepted accounting principles and IFRS may affect the computation of taxable income. They also provide readers with a snapshot of the key projects that could result in modification of these standards in the near future. Finally, the monograph contains a brief review of reporting requirements in several other areas of taxation that may be affected by the adoption of IFRS, such as international taxation and transfer pricing.

Author: Jason Doucet, Andrée Lavigne, Caroline Nadeau, Jocelyn Patenaude, and Dave Santerre
Publication Date: 2011-05-20
Publisher: Canadian Tax Foundation
Format: Softcover
Edition: 1st
Pages: 130
ISBN: 978-0-88808-251-0

Price: $40.00


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