Private companies in Canada may follow either IFRS or accounting standards for private companies.
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Why did Canada adopt accounting standards for private companies? What is different about private companies and public companies that require a different set of accounting standards?

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The Answer of Private companies in Canada may follow either IFRS or accounting standards for private companies.
Required:
Why did Canada adopt accounting standards for private companies? What is different about private companies and public companies that require a different set of accounting standards?

Private Companies in Canada May Follow Either IFRS or Accounting