How do IFRS and Canadian GAAP compare?

While IFRS and Canadian GAAP are principles based, the application of IFRS requires significant professional judgment since IFRS provides options for certain standards; essentially allowing you to choose from several accounting policy alternatives. You must carefully analyze alternatives to ensure the policy chosen provides the most useful financial reporting for your organization.

Here are examples of how IFRS is impacting two distinct industries:

Oil and Gas Industry
Credit Unions

To find out how MNP can help you make the transition to IFRS, please contact your local MNP advisor or call Jason Kingshott, CA, at 1.877.500.0792.