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Tax memo: The Move to IFRS: CRA Guidance
Two recent Canada Revenue Agency (CRA) releases give guidance to taxpayers that adopt International Financial Reporting Standards (IFRS).
Income Tax Technical News No. 42 (ITTN), which is dated May 31, 2010, provides guidance for corporations that are moving from current Canadian Generally Accepted Accounting Principles (Canadian GAAP). In addition, on May 10, 2010, the CRA updated its website to provide guidance to taxpayers that adopt IFRS on:
- the effect that adoption will have on transfer pricing; and
- the additional documentation that must be maintained to support amounts filed on their General Index of Financial Information (GIFI) and tax returns
This Tax memo outlines the CRA’s comments. It also considers:
- the results of a PricewaterhouseCoopers-sponsored survey on the IFRS readiness of Canadian companies; and
- how the adoption of IFRS will affect an organization’s data and technology requirements
Contacts
- Betty Ann Jarrett
-
Betty Ann Jarrett, CA
Partner
Mississauga, Ontario
Specialty
- Corporate Tax
- M&A
- Tax Planning and Compliance
- Cross-Border Transactions
Experience
- Tax
- Consumer Packaged Goods
- Retail
- Partner
- Tel: +1 905 949 7314
- Fax: +1 416 814 3200
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