The Canadian Accounting Standards Board (AcSB)
has proposed a two year delay in IFRS implementation for entities
with rate-regulated activities.

Canadian publicly accountable entities must
use IFRS for interim and annual financial statements relating to
annual periods beginning on or after 1 January 2011.

The AcSB said a two-year deferral period would
allow qualifying entities sufficient time to meet the requirements
of a new IFRS on rate-regulated activities in the event one is
issued late in 2011.

The AcSB is accepting comments until 31 August
and will issue its final decision in December.

 

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