AcSB extends deferral of implementation of IFRS for investment funds
21 Jan 2011
The Accounting Standards Board (AcSB) extended by one year the deferral of the mandatory changeover to IFRSs for investment companies and segregated accounts of life insurance enterprises.
In October 2009, the Canadian Securities Administrators (CSA) proposed amendments that would have required investment funds to transition to IFRS by 1 January 2011. In October 2010, the AcSB deferred the mandatory IFRS changeover date to 1 January 2012 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 new goal for IFRS implementation for investment funds is now 1 January 2013.
Click for:
- Decision summary from the AcSB meeting in January 2011 (link to Canadian Institute of Chartered Accountants website)
- Our summary of the IASB's project on consolidation
