The move to International Financial Reporting Standards (IFRS) from current Canadian Generally Accepted Accounting Principles (Canadian GAAP) will fundamentally change the way Canadian companies report their business results. The move could affect the measurement and reporting of income taxes for financial statement purposes and the calculation of Canadian taxes payable.
This Tax Memo will consider these possibilities under three headings:
- Financial Statement Effects
- Accounting for Income Taxes
- Computation of Taxes Payable
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