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Can a private enterprise in Canada use the IFRSs for Small and Medium sized Enterprises (IFRSs for SMEs)?

April 26, 2017Enterprise Enterprises ifrss medium private sized small SMES

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Can a private enterprise in Canada use the IFRSs for Small and Medium sized Enterprises (IFRSs for SMEs)?

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Paragraph I.5 in the Introduction to Part I of the Handbook addresses this issue. Although a private enterprise can use IFRSs, the IFRSs for SMEs is not included in Part I of the Handbook. Accordingly an enterprise using the IFRSs for SMEs cannot state that its financial statements comply with Canadian GAAP.