Canada eyes shift to mark-to-market accounting

- By Risk Staff
- 02 Apr 2003

The Canadian accounting standards-setter is likely to move towards mark-to-market, or fair value, rules for derivatives contracts held by Canadian companies.

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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