In Print: International Financial Reporting Standards: Tax and Reporting Implications of the New Canadian GAAP

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In this 2007 article by PwC’s Ian Gergovich, companies will learn how migrating from Canadian GAAP to IFRS will impact the:

• Measurement and reporting of income taxes for financial statement purposes
• Determination of an enterprise’s Canadian tax obligations

From a financial reporting standpoint, Canadian GAAP and IFRS are similar. However, there are differences between the two reporting standards that will impact income tax expenses, deferred tax assets and liabilities. Companies only have until January 1, 2011 to prepare for the implications.

Read Ian’s article below to learn the changeover’s tax consequences on your business.