Evolution of Accounting Standards in Canada

As the end of the first decade of the new millennium draws to a close, it is time to review the current status of standard-setting activities in Canada, ponder the future and reflect on the past. A special edition of FYI Accounting Standards, a periodic newsletter issued by staff of the Canadian Accounting Standards Board (AcSB), describes the implementation of the new strategic plan for publicly-accountable enterprises, private enterprises and not-for-profit organizations.


The FYI newsletter explains the changes in the accounting standards applicable to each type of reporting entity by listing those amendments to the CICA Handbook-Accounting that took effect in 2009 or that have been issued but are not yet effective. It also notes that the AcSB expects to include International Financial Reporting Standards (IFRS) in the Handbook early in 2010. In that regard, it lists amendments to IFRS that are effective for 2009, issued but not yet effective, and expected to be issued in 2010.


Migrating to IFRS will mean significant changes to both the accounting standards and the due process for developing future standards. Lest we forget, the standard-setting processes in Canada have evolved considerably over the years (as explained in CAmagazine articles spanning the period from 1976 to 1992). The evolution continues…