Line 270 - Did the corporation use the International Financial Reporting Standards (IFRS) when it prepared its financial statements?
Line 270 - Did the corporation use the International Financial Reporting Standards (IFRS) when it prepared its financial statements?
If the corporation used the IFRS to prepare its financial statements, answer yes to this question.
The IFRS is mandatory for all publicly accountable enterprises. This includes corporations that have calculated their financial statements in accordance with the IFRS but have not complied with all aspects of the IFRS. A corporation that has issued, or is in a process of issuing, publicly-traded debt or equity instruments or who holds assets in a fiduciary capacity for a broad group of outsiders is generally considered to be a publicly accountable enterprise.
For the first year when IFRS is adopted, corporations are required to maintain additional documentation to support amounts filed on the General Index of Financial Information (GIFI) and tax returns. For more information on IFRS books and records and other IFRS topics, go to canada.ca/international-financial-reporting-standards-ifrs.
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