Canada - English

Details

  • Service: Special Interests, IFRS
  • Date: 6/3/2010

IFRS Illustrative Financial Statements: Canadian First-time Adopters 

May 2010

 

This publication illustrates one possible format for full financial statements based on a fictitious multinational corporation involved in general business and adopting IFRS as its primary basis of accounting for the year ending December 31, 2011. A number of IFRS 1 implementation choices exist and these financial statements illustrate one combination of elections based on a company that prepared financial statements in accordance with Canadian Generally Accepted Accounting Principles (Canadian GAAP) prior to transitioning to IFRS.

IFRS Illustrative Financial Statements: Canadian First-time Adopters is based on standards and interpretations that have been issued by the International Accounting Standards Board by January 31, 2010 which would be effective for a first-time adopter of IFRS with a first annual IFRS reporting date of December 31, 2011.