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Essay text:
AcSB establishes financial accounting and reporting standards for use by Canadian companies and not-for-profit organizations. The international standards are set by the International Accounting Standards Board (IASB).
By 2011, all of Canada's 4,500 publicly accountable enterprises will be required to prepare their financial statements according to International Financial Reporting Standards (IFRS). In addition, by the end of 2008, all public audits in Canada will be conducted according to International Auditing Standards (IASs). Canada's conversion to the International standards will take place over the next four years...
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