11/7/2013

The Certified General Accountants Association of Canada says in a report that adoption of International Financial Reporting Standards has significantly affected the financial statements of Canadian-listed companies. "The good news is that the comparability of Canadian financial statements internationally may improve, since many other countries have already adopted IFRS," says University of Quebec professor Michel Blanchette, a co-author of the report that studied 150 companies that adopted IFRS in 2011. The report recommends that users of the statements pay "particular attention to the trend analysis when comparing pre-adoption data computed under CGAAP with post-adoption data obtained under IFRS."

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