The Canadian Accounting Standards Board (AcSB) requires publicly accountable enterprises 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.
What are the 3 accounting standards in Canada?
In Canada, for-profit businesses have three main options to choose from when selecting the accounting standards (or, basis of accounting) on which they will base their financial statements. These three options are: International Financial Reporting Standards (IFRS) Accounting Standards for Private Enterprises (ASPE)
Is GAAP or IFRS used in Canada?
What is the Difference Between GAAP & IFRS? The main difference between the two accounting systems is that GAAP is rules based, while IFRS is principles based. Basically, the IFRS is less detailed than GAAP, and is accepted in countries all over Europe, and Asia.
What is the difference between Canadian GAAP and IFRS?
Canadian GAAP means generally accepted accounting principles, and, except as otherwise herein expressly provided, the term generally accepted accounting principles with respect to any computation required or permitted hereunder shall mean such accounting principles used in the Company's annual financial statements