The analysis also looks at the differences between standards in Canada, the United States, Mexico and Chile and international accounting standards.
Despite all four countries’ efforts to minimise the disparities between domestic standards and IASs, significant differences continue to exist, according to the report published on the Canadian Institute of Chartered Accountants’ website.
The research is the result of a joint effort by the American Free Trade Agreement Committee on Cooperation on Financial Reporting Matters. AFTA is a standing committee including representatives from the US Financial Accounting Standards Board and standard setters in Canada, Chile and Mexico. The committee’s role is to enhance users’ ability to analyse and compare companies in the four countries.
Since 1995 differences have increased considerably between IASs and standards issued in the four countries, according to the report. The growing disparities have been attributed to the establishment of a revamped and independent IASC and the development of new and revised standards.
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