Friday, June 27, 2008

IFRS Canadian early implementation rules from CSA

CSA Staff Notice 52-321 Early adoption of International Financial Reporting Standards, use of US GAAP and reference to IFRS-IASB has recently been issued (June 27) See the full text here.
http://www.gov.ns.ca/nssc/CSANotices/csanotice52-321.pdf


Essentially the CSA will allow exemptive relief to issuers who may wish to apply IFRS in financial statements prior to the mandatory implementation date in 2011. This will be done on a case by case basis. The following cautionary note was added.


We expect an issuer contemplating the possibility of adopting IFRS before 2011 would carefully assess the readiness of its staff, board of directors, audit committee, auditors, investors and other market participants to deal with the change. An issuer should also consider the implications of adopting IFRS before 2011 on its obligations under securities legislation including those relating to CEO and CFO certifications, business acquisition reports, offering documents, and previously released material forward-looking information.


Readers are reminded that the OSFI has previously prohibited the early adoption of IFRS by FRFIs(Federally Regulated Financial Institutions) - this reference can be found on the CICA's website at http://www.cica.ca/3/9/1/6/6/index1.shtml



1 comment:

Marcos Santos said...

Dear Exorcist,

Good Evening!

Hello from Brazil,I am studying about 1 month the IFRS's rules and your consequences in Brazil, in my country there is too a public commission to harmonize the IFRS to national accountancy,We have a lot of problems too , I also open a blog to discuss IFRS ( In Portuguese).

I like very much of your blog, congratulations, how you can see through I spank the "English", but I try... sorry

www.ifrs.zip.net
Marcos Cesar Santos
contlucas@hotmail.com
Accountant - Brazil