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Monday 24 February 2020

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Canada, Colombia, Japan and Uruguay IFRS profiles updated

 03 March 2015

The IFRS Foundation has posted revised profiles on the use of IFRS in four jurisdictions:

  • Canada – to reflect the withdrawal of exemptions from using IFRS for three types of companies, because the IASB has now completed the projects that had caused the exemptions.  Consequently, as of 2015, Canadian GAAP for all publicly accountable enterprises is IFRS and the auditor’s report refers to IFRS, although regulators provide an option for those filing in the United States to apply US GAAP, instead of Canadian GAAP.
  • Colombia – to reflect a new requirement that approximately 1,800 unlisted companies that are under the supervision of the Contaduria General de la Nacion (CGN) must start using IFRS as of 1 January 2016.  This adds to the current requirement for listed companies and other public interest entities to begin using IFRS in 2015. The IFRS for SMEs also takes effect in 2016.
  • Japan – to reflect that, as of February 2015, 65 listed companies with a market capitalisation of more than US$700 billion have adopted IFRS.
  • Uruguay – to reflect the adoption of the IFRS for SMEs effective 1 January 2015.

Access the jurisdiction profiles.

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