IFRS Impact on Canadian Tire
IFRS background
International Financial Reporting Standards (IFRS) are internationally accepted
accounting standards designed by the International Accounting Standards Board
(IASB) - the IASB is leading the global movement to have firms adopt a single set of
standards
✓ All publicly accountable companies in Canada will be adopting IFRS for fiscal years
beginning on or after January 1, 2011, following the lead of Australia, the U.K. and
Europe
✓ It is important to note that the U.S., while indicating its intention to achieve
convergence by 2014, will not make the final decision until 2011, and its ongoing
discussion with the IASB will undoubtedly result in some significant changes to
international standards over the next few years
Rationale for change
✓
Single set of high quality standards
✓ Enhanced comparability amongst firms
✓ More transparency in disclosure
5View entire presentation