Could the financial statements prepared in accordance with IFRS by a subsidiary of a Canadian public corporation be used with respect to the election under ITR subsection 5907(2.1)? CRA responded:
[T]he financial statements of a foreign affiliate prepared under IFRS could only be used for the purposes of ITR subsection 5907(2.1) ITR if they were financial statements prepared in accordance with the laws of the country in which the corporation resides.