CSA delay implementation of IFRS for investment funds

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11 Oct 2010

The Canadian Securities Administrators (CSA) published an update regarding their plans for requiring adoption of IFRS by Canadian investment funds.

In October 2009, the CSA proposed amendments that would have required investment funds to transition to IFRS by 1 January 2011. The Accounting Standards Board (AcSB) recently decided, however, to defer the mandatory IFRS changeover date for investment companies in order to give the International Accounting Standards Board (IASB) time to implement the proposed exemption for investment companies from having to consolidate investments they control. The CSA would prefer that the proposed IASB consolidation exemption be in place before requiring investment funds to transition to IFRS; the new goal for IFRS implementation for investment funds is now 1 January 2012.

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The AcSB has also proposed a two-year delay in the IFRS implementation for rate-regulated activities.

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