All Canadian registrants must use IFRSs

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03 Aug 2009

The Canadian Securities Administrators (CSA) has concluded that all registrants should be required to use IFRSs for financial years beginning on or after 1 January 2011 regardless of whether the registrant fits the definition of a publicly accountable enterprise established by the Canadian Accounting Standards Board (AcSB).

The CSA's conclusion is set out in CSA Staff Notice 33-314 International Financial Reporting Standards and Registrants (PDF 31k).

Notice 33-314 also contains the following disclosure guidance on the changeover to IFRSs: As we set out in our previous notice, changing from current Canadian GAAP to IFRS will be a significant undertaking that may materially affect a registrant's reported financial position and results of operations. Registrants will need to provide comparative information for reporting periods in their first year under IFRS. For example, a registrant's financial statements for its year ended December 31, 2011 must include comparative IFRS information for the period ended December 31, 2010. Registrants will need to maintain appropriate records to prepare this comparative information. In addition, registrants with financial years ending December 31 will be required to prepare their working capital calculations on a basis consistent with IFRS beginning on January 1, 2011.

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