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:
This Tax memo outlines the CRA’s comments. It also considers: