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Closing the GAAP - Adoption of IFRS in Canada

As Canadians adopt international accounting standards, they should know the rules may change at the last minute.

It's rare to think of accountants and bold change in the same sentence. However, accountants will be leading the next wave of major regulatory changes affecting the Canadian business world: the adoption of International Financial Reporting Standards (IFRSs).

Accounting transactions are governed by a set of rules known as Generally Accepted Accounting Principles (GAAP). Each country has its own GAAP; the goal behind IFRS is to create the same set of accounting standards for all nations, which should ultimately make it easier to conduct business internationally and raise funds in global capital markets.

Read the full article by Karine Benzacar, Financial Post

Regards,

Santosh Puthran

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