Canadian GAAP or IFRS?

An important choice to be made by private companies

The Canadian Accounting Standards Board (AcSB) has recently released an exposure draft of Generally Accepted Accounting Principles (GAAP) for Private Enterprises. Canadian publicly accountable enterprises will be required to use International Financial Reporting Standards (IFRS) for fiscal years beginning January 1, 2011. What about Canadian private enterprises?

Private enterprises will have an option to adopt one of the two following sets of standards:

• International Financial Reporting Standards (IFRS)
• Canadian GAAP for Private Enterprises (Private Enterprise GAAP)

Two PwC brochures are available to help you with this choice:

"Private Enterprise GAAP or IFRS? Canadian private enterprises will soon need to make the choice"
There are many factors that a private enterprise should consider before making a final decision as to which set of standards is best for them. This document takes a closer look at the two reporting standards, including highlights of each, as well as advantages and disadvantages, to assist private enterprises in making this important decision.

"GAAP or IFRS?: An important choice to be made by private companies"
This publication discusses the impact of this choice on financial reporting for Canadian private companies and provides an overview of some of the issues that private companies need to consider when choosing between Canadian GAAP for private enterprises and IFRS.

Private Enterprise GAAP or IFRS? Canadian private enterprises will soon need to make the choice. (129 KB) Download the full PDF brochure.

Canadian GAAP or IFRS? An important choice to be made by private companies (205 KB) Download the full PDF brochure.