High Traders Inc.is a private Canadian company.The company adopted accounting standards for private enterprises early in 2009 since there were few changes required on changeover.However,a new CFO has just been hired and now is suggesting that the company consider adopting IFRS in the near future.
Required:
Outline four possible reasons that a private company in Canada might choose to adopt IFRS.What would be the costs related to changing to IFRS?

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The Answer of High Traders Inc.is a private Canadian company.The company adopted accounting standards for private enterprises early in 2009 since there were few changes required on changeover.However,a new CFO has just been hired and now is suggesting that the company consider adopting IFRS in the near future.
Required:
Outline four possible reasons that a private company in Canada might choose to adopt IFRS.What would be the costs related to changing to IFRS?