Summarize
Starting by January 2011, all the companies are required to convert from the Canadian GAAP to the International Financial Reporting Standards which is the IFRS. A lot of Canada's public companies are fushing to meet the requirements so that their report can meed to international requirements.Country like European Union, Australia, South Africa started to adopting IFRS five years ago. IFRS is more common worldwide, it makes the report more clearer and simpler.Chartered accountants of Canada recommend the Canadian companies to get started earlier.Start now…to be prepared for January 1, 2010.
Connections
The material we are learning right now is all about GAAP and the accounting system is going to change real soon. Is the school going to change the learning material? Since our country is updating our accounting system the GAAP is no longer the guideline for accounting.Accountant have to get used to the new accounting system and get used to the worldwide financial reporting language. As they say IFRS represent vital competitive advantages in the global marketplace, the GAAP is now out dated.
Reflection
I am so worry that the material i learned from accounting is not longer updated. If i want to continue my education in Hong Kong how can i connect the GAAP and the IFRS together? Why didn't Canada start adopting IFRS earlier? But its good that Canada finally meet the international requirement and become more competitive in the global marketplace.Hope this will improve Canada economic a bit, so many people can get a job to improve their life style.
In my opinion, changing the whole accounting system to IFRS so the world would have the same accounting system which would affect everything especially for big businesses because they'll have to get used to the system soon to meet the requirements.
ReplyDeleteI agree with Tracy about the material that we are learning currently in accounting that would no longer be benificial for us.