13 - Question 1 What are the IFRSs? IFRSs, which stand for...

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Question 1 What are the IFRSs? IFRSs, which stand for International Financial Report Standards, are “standards approved by the International Accounting Standards Board (IASB) or its predecessor body, the International Accounting Standards Committee, as well as interpretations originated by the IASB’s interpretations committee, the International Financial Reporting Interpretations Committee (IFRIC) or its predecessor body, the standing Interpretations Committee” (AcSB’s). They are considered as a “principles based” set of standards. These standards establish broad rules and dictate specific treatments for financial accounting. They are consisted of following: (International) International Financial Reporting Standards (IFRS) – Standards issued after 2001 International Accounting Standards (IAS) – standards issued before 2001 Interpretation originated from the International Financial Reporting Interpretations Committee (IFRIC) – issued after 2001 Standing Interpretations Committee (SIC) – issued before 2001 Question 2
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CICA is Proposing the Convergence to IFRSs There are two main reasons that the CICA is proposing the convergence to IFRSs: One reason is that as more and more Canadian businesses and individuals participate in global capital markets, transparent, consistent, and comparable financial reports will be very helpful for them to make decisions on their businesses and investments. IFRSs’ goal is to improve financial reporting
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This note was uploaded on 10/18/2010 for the course BUS ACC415 taught by Professor Bibijohn during the Spring '09 term at Seneca.

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13 - Question 1 What are the IFRSs? IFRSs, which stand for...

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