Interesting and Costly New Canadian Law for IT Companies

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According to the New York Times, a new Canadian law will require technology companies to license news content. Facebook’s owner said it would drop news from the platform.

Questions:

  1. In addition to paying for shared news, what procedures will the new law will require from search engines and social media companies?
  2. What is the law called?
  3. What is the law modelled after?
  4. How should companies report the cost of licensing news content, assuming that the company uses IFRS?
  5. Source:

Ives, M. (2023). Canada Forces Google and Facebook to Pay News Outlets for Linking to Articles. The NEw York Times, June 23 (Retrievable online at https://www.nytimes.com/2023/06/23/business/media/meta-google-canada-news-facebook-instagram.html)