Canada’s Accounting Standards Board (AcSB) has
thrown its support behind an extension to the timeline for
convergence between IFRS and US GAAP.

The International Accounting Standards Board
and the US Financial Accounting Standards Board announced earlier
this month that they were extending the original deadline of June
2011 to allow for greater for public consultation.

AcSB chair Tricia O’Malley said the boards’
decision puts the focus on creating high-quality standards and
thorough consultation, rather than simply meeting a deadline.

“This extension of the deadline ensures that
when the standards are finalised they will have benefited from
extensive discussion and debate,” O’Malley added.

In Canada, all publicly accountable
enterprises and government business enterprises are required to
adopt IFRS for fiscal years beginning on or after 1 January