Starting January 11, 2011 new accounting and financial principles will be implemented for both Public and Private Companies. Public Companies will no longer be able to use the current Canadian GAAP as they will be required to use the new Canadian GAAP-PE. Private Companies however have a choice to either adopt the International Financial Reporting Standards (IFRS) or the new Canadian GAAP-PE. To learn more about these changes we have attached a link to an interesting article on the Benefits Canada website:
https://www.benefitscanada.com/pension/governance/article.jsp?content=20100302_080842_12540
– written by Lorne Lebow