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IFRS transition date for Canadian investment funds announced

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07 Oct 2013

The Canadian Securities Administrators (CSA) announced that they have finalised changes that will transition financial reporting for investment funds to IFRS. While reporting issuers and registrants generally were required to transition as of 1 January 2011, the transition date for investment funds was deferred in order to allow for the IASB's exception from consolidation for investment companies to be in place prior to the transition.

On 31 October 2012, the IASB published Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27), providing an exemption from consolidation of subsidiaries under IFRS 10 Consolidated Financial Statements for entities which meet the definition of an 'investment entity'.

The CSA believe the definition of 'investment entity' in IFRS 10 should capture, and therefore resolve the issue for, most investment funds and have announced that the deferral originally announced in October 2010 and later extended to 1 January 2013 will come to an end. Assuming Ministerial approvals, investment funds will therefore be required to transition to IFRS for financial years beginning on or after 1 January 2014.

The deferral of the mandatory IFRS changeover date for entities with qualifying rate-regulated activities remains in place and has recently been extended by an additional year to 1 January 2015.

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