Trusted Business Environment
Toronto's businesses are renowned for their accountability, sound practices and transparency.
The World Economic Forum's Global Competitiveness Report 2014-2015 ranked Canada in the top 10 for strength of auditing, and the efficacy of its corporate boards; and top 13 in ethical behaviour of firms.
As of 2011, all publicly accountable businesses in Toronto use the International Financial Reporting Standards (IFRS). IFRS is widely used around the world as a single set of high quality, understandable and enforceable global accounting standards. IFRS replaced the Generally Accepted Accounting Principles (GAAP). Adoption of IFRS further enhances the accountability and ethical culture that is already entrenched in Toronto, strengthening the City's position as a trusted business destination.
"…the world stands to learn from the remarkable stability of Canada’s banks…”
Paul Krugman, Nobel Laureate, New York Times.