The Canadian Business Corporations Act mandates that all incorporated companies in Canada follow IFRS.

Question

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The Canadian Business Corporations Act does not mandate that all incorporated companies in Canada follow IFRS (International Financial Reporting Standards). Instead, it is the Canadian securities regulators that require publicly accountable enterprises to use IFRS. Private companies have the option to use either IFRS or Accounting Standards for Private Enterprises (ASPE).

The Canadian Business Corporations Act Mandates That All Incorporated Companies