The Accounting Standards Board (AcSB) recently released its draft strategic plan for the future direction of accounting standards in Canada. The AcSB sees the convergence of Canadian GAAP with International Financial Reporting Standards (IFRS). It's anticipated that this transition will occur over a five-year period, with the Canadian GAAP's elimination as a separate distinct basis of financial reporting.
This newsletter, designed specifically for investment funds, highlights some of the key areas that will be impacted by this significant shift in financial reporting in Canada. While the complete transition to IFRS will occur over five years, some critical components surrounding the measurement and presentation of financial instruments will be integrated early in this timeframe through the release of CICA Handbook Section 3855.
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