Canada eyes shift to mark-to-market accounting
The Canadian Accounting Standards Board has entered into a consultation period to assess proposed new accounting rules aimed at improving how financial instruments are reported in financial statements.
The new proposals are based on the US Financial Accounting Standards Board’s Statement 133 that deals with derivatives instruments and hedging activities, and the draft of similar rules as laid out in the International Accounting Standards Board's IAS 39.
“We are attempting to bring about more transparent financial reporting and at the same time closing a gap in GAAP [Generally Accepted Account Principles],” said Canadian Accounting Standards Board chairman Paul Cherry.
The comment period is open until July 31 this year.
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