What choices will private enterprises have in their financial reporting in Canada:

Question

Quizplus · Accepted Answer

Private enterprises in Canada have the choice of reporting under either IFRS or GAAP for private enterprises. IFRS is the international standard for financial reporting, and its adoption helps to create consistency and comparability in financial statements across different jurisdictions. On the other hand, Canadian GAAP for private enterprises is a simplified set of accounting standards that is specifically tailored to the needs of small and medium-sized businesses. The choice between the two will depend on the specific circumstances of the business and the needs of its stakeholders.

What Choices Will Private Enterprises Have in Their Financial Reporting