Which enterprises must report under IFRS in Canada?
A) All corporations, government agencies and private companies.
B) Public companies and private companies whose shareholders' equity is in excess of $500,000,000 at any particular year end.
C) Public companies, private companies and not-for-profit organizations.
D) Publicly accountable enterprises.

Question

Quizplus · Accepted Answer

Only publicly accountable enterprises, which are typically large companies with a broad range of stakeholders, are required to report under IFRS in Canada. This includes publicly traded companies, financial institutions, and some government-owned corporations. Private companies, government agencies and not-for-profit organizations are not required to report under IFRS, although they may choose to do so voluntarily.

Which Enterprises Must Report Under IFRS in Canada