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Canadian financial institutions may not early-adopt IFRSs

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03 May 2008

Although the Canadian Securities Administrators have invited comment on whether to permit publicly accountable Canadian entities to adopt IFRSs starting in 2009 – two years earlier than would be required by the Canadian Accounting Standards Board – the Canadian Office of the Superintendent of Financial Institutions (OSFI) has issued a Notice to All Federally Regulated Financial Institutions (FRFIs) instructing them not to adopt IFRSs early, mainly for regulatory comparability reasons.

There are nearly 500 FRFI's in Canada. The OSFI notice states:
  1. All FRFIs are considered publicly accountable enterprises and must adopt IFRSs as required in AcSB's plan for fiscal years beginning on or after 1 January 2011.
  2. No early adoption will be allowed for FRFIs.
  3. All FRFIs must submit a semi-annual progress review on their plan to adopt IFRSs to OSFI within 30 days of the end of the period.

Click to view Notice to All Federally Regulated Financial Institutions (FRFIs) (PDF 33k).

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