There will continue to the same financial statements that we are all familiar with, but the terminology will change.
• Balance Sheet = Statement of Financial Position
• Income Statement = Statement of Comprehensive Income
The new terminology will not be mandatory, but it is useful to know that these terms will become prevalent in the near future.
There will continue to be the same major categories such as Revenues, Cost of Sales, Expenses etc, but the method of calculation will be different.
I hope this helps. This is one of a series of blogs that is meant to convey information relating to Canada’s transition from Canadian GAAP to IFRS.
For further information, please refer to the ongoing series of IFRS blogs on the Edelkoort Smethurst Schein CPA’s LLP web-site and please remember to contact your CGA or other accounting professional for further guidance.