International Financial Reporting Standards (“IFRS”) has been adopted as Canadian GAAP for publicly accountable enterprises (PAEs) for fiscal years beginning on or after January 1, 2011. By now, most companies have integrated IFRS into their financial reporting and tax functions. Going forward, the challenge will be to keep informed of IFRS updates and how they will impact tax reporting and tax compliance. Multinational businesses with local subsidiaries will need to be aware of differences between IFRS and local GAAP, which may still be in place for the purpose of tax filings.
In addition, there will be specific tax implications for each industry sector, making PwC's depth of industry knowledge indispensable for planning your company's tax strategy with respect to IFRS.
With extensive experience in Europe and the rest of the world, we're confident that our tax advisors can help you manage this process. Further information on IFRS implementation and guidance can be found in the following publications: