The Ontario Securities Commission (OSC) of Canada has published Top 10 Tips for Public Companies Filing Their First IFRS Interim Financial Report.
With Canada transitioning to IFRS from 2011, the guide is designed as a series of pointers for Canadian public companies to consider in preparing for the transition. Many of the ideas are generic and may be useful to first-time adopters in other jurisdictions as well.
An summary of the tips provided in the guide are outlined below:
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Top 10 tips for public companies filing their first IFRS interim financial report
- Changes to acceptable accounting principles - clearly identifying accounting principles used in all financial information released
- Auditor involvement with regulatory filings - ensure that the financial information released in the first three quarters of 2011 is accurate and will not require restatement after the annual audit
- Q1 filing extension for first time IFRS filers - extended by 30 days for the first quarter only
- Consequences of missing financial statement filing deadlines - represents a significant breach of Canadian securities law
- IFRS financial statement presentation - impact on continuous disclosure rules
- Key financial statement notes in the first IFRS interim financial report - should contain sufficient information to enable investors to understand how the transition to IFRS affected previously reported results
- Required reconciliations under IFRS 1 - including examples
- Management's discussion and analysis (MD&A) - whether changes in reported results are caused by the adoption of different accounting policies or from changes in underlying business activities
- CEO/CFO certification - impacts on standard formats
- Prospectus and other offering issues - changes to acceptable accounting principles, auditor involvement with offer documents, and IFRS financial statement presentation in offer documents.
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