IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ON CANADIAN CREDIT UNIONS

Daphne Rixon
Karen Lightstone
Saint Mary’s University

ABSTRACT

The purpose of this study is to examine the impact of International Financial Reporting
Standards (IFRS) on key performance indicators (KPIs) of Canadian credit unions. Given that one
of the primary goals of IFRS is to improve global financial reporting comparability, it is
important to examine how the adoption of these new standards impacts comparability within the
credit union sector, since benchmarking and comparability play crucial roles in the credit union
sector in North America (Rixon, 2013). This study found that key financial performance indicators
were impacted by the adoption of IFRS and consequently the industry comparability benchmarks
may be compromised.

Keywords: International Financial Reporting Standards), impact, key performance indicators of Canadian credit
unions