Choosing a GAAP for Canada
Canada chose among (a) keeping Canadian GAAP and continuing the convergence process with IFRS and
US GAAP, (b) adopting IFRS, and (c) adopting US GAAP. After much deliberation, Canada chose to
adopt IFRS but allow the use of US GAAP. In your opinion, what was the major factor driving the
choice? Do you agree with the choice? Do you expect that Canada’s use of IFRS will be maintained
over the next 20 years?