Accounting Standards in Canada: : In 2005, the Accounting Standards Board in Canada promoted the use of IFRS over the use of GAAP. The companies of Canada are supposed to adopt IFRS for financial recording latest by 2011, as per the Canadian Accounting Standards Board. This is mainly true for all the publicly listed companies, for whom it is mandatory to adopt IFRS for accounting purposes. However, it is not mandatory for the non-profit organizations as well as private organizations to adopt the IFRS. However, they are permitted to start adopting IFRS for financial reporting, starting 2011. 

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