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ASSURANCE AND ACCOUNTING

CANADIAN GAAP – IFRS COMPARISON SERIES
Issue 15: IAS 1 Presentation Of Financial Statements
Both IFRS and Canadian GAAP are principle based frameworks, and from a conceptual standpoint, many of the general principles are the same. However, the application of those general principles in IFRS can be significantly different from Canadian GAAP. Therefore, to understand the magnitude of the differences between IFRS and Canadian GAAP, it is essential to look beyond the general principles and look at the detailed guidance provided in the standards. This is our fifteenth issue in a series of publications, which will provide detailed information on the key differences between IFRS and Canadian GAAP. This issue will focus on the significant differences between current Canadian GAAP requirements for financial statement presentation and the IFRS requirements. These differences relate mainly to:

• • • • •

Presentation of financial position and equity; Presentation of comprehensive income; Presentation of cash flows; Other Presentation Issues; and First Time Adoption Issues related to Presentation of Financial Statements.

Be advised that this publication is a guide to the differences between Canadian GAAP and IFRS and is not meant to be a comprehensive manual. Please contact a BDO representative for specific details and information. Introduction The requirements of financial statement structure and content are more prescribed under IFRS than Canadian GAAP; however, fundamentally Canadian GAAP and IAS 1 have the same requirements for financial statement presentation. A complete set of financial statements include a statement of financial position, statement of comprehensive income, statement of changes in equity, statement of cashflows and appropriate note disclosure. However, it is the detailed requirements that create differences in the

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