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When to choose IFRS over new GAAP Add to ...

New private-company accounting standards going into effect in Canada in 2011 seem like a slam-dunk choice, so why wouldn’t all of them go the simpler Generally Accepted Accounting Principles (GAAP) instead of International Financial Reporting Standards (IFRS)? Mark Walsh, senior principal with the Accounting Standards Board, said private businesses should give IFRS strong consideration under the following scenarios:

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* Those considering an initial public offering.

* If an international parent company uses IFRS.

* If a Canadian head office has subsidiaries in countries that require use of IFRS.

* When borrowing from a foreign bank to conduct business in another country.

* When an exit strategy includes a possible sale to a public company.

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