In December 2009, the Accounting Standard Boards of Canada approved the new accounting standards for private enterprises in Canada.  The new standards, referred to as Private Enterprise GAAP (“PE GAAP”) are available for 2009 reporting for entities that choose to adopt them early.   The private enterprise standards give Canadian business the choice to adopt PE GAAP or International Financial Reporting Standards (IFRS).  Private enterprises must decide which of the sets of standards to adopt for years beginning on or after January 1, 2011.