International Accounting
Writing Assignment on Canadian IFRS Adoption
IFRS are now either mand
ated or optionally available for use by preparers in more than 120 jurisdictions. Most Canadian firms adopted IFRS for fiscal years starting on or after January 1, 2011. However, Canadian U.S. SEC registrants were allowed to use IFRS or U.S. GAAP. Go to the website of the New York Stock Exchange (NYSE) at www.nyse.com and find five Canadian companies listed on the exchange.
Please answer the following questions:
1. Which set of standards, IFRS or U.S. GAAP, is used by selected five (5) Canadian firms in their 2011 financial statements?
2. What are, in your opinion, the most important determinants of Canadian firms’ choice between IFRS and U.S. GAAP?
3. For one (1) Canadian company from your list, in its annual report during the year of transition to IFRS, find a copy of the reconciliation of equity as well as net income from previous GAAP to IFRS in accordance with IFRS 1, listing also key differences between previous GAAP and IFRS (Hint: it is included in the disclosure note ‘Transition to IFRS’ in the year of transition to IFRS). Describe key differences between previous (e.g., Canadian or U.S.) GAAP and IFRS, as well as differences in net income and equity reported under both standards in this disclosure note.
4. Based on your Internet research, write a 2-page summary on the adoption of IFRS in Canada.
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