No More GAAP in Can ada

In February, the Canadian Securities Administrators issued Concept Paper 52-402 announcing that on January 1st, 2011 Canadian issuers must stop using Canadian GAAP and switch to International Financial Reporting Standards. More recently, they issued Staff Notice 52-321 which allows issuers to voluntarily adopt IFRS before 2011.

The SEC is officially thinking about adopting IFRS. In 2007 it removed the requirement that foreign issuers using IFRS reconcile their financials to US GAAP.