Briefly explain why a Canadian private company may decide to follow IFRSs for public companies, even though it could follow GAAP for private companies.
Answer to relevant QuestionsWhy is it important to supplement studies of Canadian accounting principles with studies of the accounting practices used in other countries? In what manner does the balance-sheet format used by companies in other countries differ from the format used by Canadian companies? IAS 16, "Property, Plant, and Equipment" requires assets to be initially measured at cost. Subsequently, assets may be carried at cost less accumulated depreciation, or they can be periodically revalued upward to current ...Commencing in 2007, foreign companies that were using IFRSs did not have to reconcile their reported shareholders' equity to shareholders' equity under U.S. GAAP. Access the 2011 and 2010 annual reports for Goldcorp Inc., a ...What is the purpose of IFRS 8 on Operating Segments?
Post your question