The International Financial Reporting Standards apply to Canadian public companies.How does that affect comparability of financial statements across countries?
A) It achieves greater comparability in the short term only.
B) It achieves greater comparability in the long term.
C) IFRS is not intended to improve comparability.
D) IFRS coordinates only a few changes in financial reporting standards.

Question

Quizplus · Accepted Answer

The adoption of IFRS by Canadian public companies would achieve greater comparability of financial statements across countries in the long term. While it may take time to fully adopt and implement the standards, ultimately using the same accounting framework will allow for more consistent and comparable financial reporting.

The International Financial Reporting Standards Apply to Canadian Public Companies