Glossary
International Financial Reporting Standards (IFRS)
IFRS is a globally used set of accounting standards required for Canadian publicly accountable enterprises and voluntarily adopted by some private companies. It aims to make financial statements consistent and comparable across countries, and it generally carries more prescriptive fair-value and disclosure requirements than the ASPE standards used by most private Canadian businesses. Our valuation for financial reporting guide shows how the standard shapes fair-value work.
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