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Update on use of IFRS by foreign issuers in Canada

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22 Feb 2003

In June 2002 we reported that the Canadian Securities Administrators (CSA) had Proposed (PDF 8k) that certain eligible foreign issuers would be allowed to submit financial statements prepared using IFRS (or several specified national GAAPs), without reconciliation to Canadian GAAP.

The CSA also proposed that Canadian companies registered with the US SEC could use US GAAP, with a reconciliation to Canadian GAAP for the first two years in which US GAAP is used. The CSA has announced that its consideration of the comments on the proposal is nearing completion and that it expects to publish a revised proposal for comment by mid-2003.

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