The Canadian Accounting Standards Board (AcSB) approved final accounting standards for private enterprises. The new standards will be issued by the end of the year and will be available for 2009 reporting for entities that choose to adopt them early, according to an AcSB press release.
The private enterprise standards give Canadian businesses the option to adopt either new Canadian standards or IFRS. Private enterprises must decide which of the standards to adopt for years beginning on or after Jan. 1, 2011.
AcSB’s decision to adopt separate standards for private enterprises follows its decision in 2008 to adopt IFRS for public companies by 2011.