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BU607 IFRS “International Financial Reporting Standards”

BU607 IFRS “International Financial Reporting Standards”. Canadian Financial Reporting. Transition Dates. Opening Balance Sheet Date/Date of Transition. IFRS Reporting Date. January 1, 2010. January 1, 2011. December 31, 2011. Why IFRS?. Common set of Global Accounting Standards

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BU607 IFRS “International Financial Reporting Standards”

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  1. BU607 IFRS“International Financial Reporting Standards”

  2. Canadian Financial Reporting

  3. Transition Dates Opening Balance Sheet Date/Date of Transition IFRS Reporting Date January 1, 2010 January 1, 2011 December31, 2011

  4. Why IFRS? • Common set of Global Accounting Standards • Comparability and ease of Understanding • Eliminates Barrier for Capital Markets • Almost 100 countries to date… United States? • “Principles Based” • Allows for greater professional judgment than GAAP (which is “Rules Based”) • More flexible to unique economic and business circumstances will create better financial reporting

  5. Standard Setting under IFRS • Currently GAAP is under the umbrella of the Accounting Standards Board (ASB) • With the change to IFRS… • ASB • Responsible for GAAP Private Enterprises • International Accounting Standards Board (IASB) • Responsible for IFRS

  6. Major Financial Statements • PE GAAP • Balance Sheet • Income Statement • Statement of Cash Flows • Statement of Shareholders’ Equity • IFRS • Statement of Financial Position • Statement of Comprehensive Income • Statement of Changes in Equity • A Statement of Cash Flows

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