Investment Management: Similarities and differences* — A comparison of International Financial Reporting Standards, US GAAP and Canadian GAAP for Investment Funds

This PwC publication provides a broad understanding of the key similarities and differences between IFRS, US GAAP, and Canadian GAAP specifically with reference to investment funds.

Neither IFRS nor Canadian GAAP set industry specific standards for investment funds, whereas US GAAP provides these in the American Institute of Certified Public Accountants (AICPA) publication, Investment Companies — AICPA Audit and Accounting Guide. Though Canada has no direct equivalent, Accounting Guideline AcG-18, Investment Companies, published by the Accounting Standards Board, provides some direction.

This publication features only the key similarities and differences related to investment funds. When applying the standards, readers should also consult all relevant accounting standards and, where applicable, their national and provincial laws and regulations.

Additionally, National Instrument 81-106 Investment Fund Continuous Disclosure, released by the Canadian Securities Administrators, provides detailed regulatory requirements for financial statement disclosure and presentation of all reporting issuer and most non-reporting issuer funds. These additional requirements are in italics where applicable.

Read this summary to clarify this important issue.

	Investment Management: Similarities and differences* (1.8 MB) Download the full PDF report.