Information on IFRS
This section contains links to information and guidance provided by the OSC on the transition to International Financial Reporting Standards (IFRS) as adopted by the International Accounting Standards Board. The information in this section should be taken as a guide.
Investment Funds – Rules and Staff Notices
National Instrument 81-106 Investment Fund Continuous Disclosure requires that financial statements be prepared in accordance with IFRS which is Canadian generally accepted accounting principles (GAAP) for publicly accountable enterprises or Part I of the Handbook of the Canadian Institute of Chartered Accountants (Handbook) for financial years beginning on or after January 1, 2014. IFRS-related changes to NI 81-106 were published on October 3, 2013.
CSA Staff Notice 81-320 (Revised) Update on International Financial Reporting Standards for Investment Funds was republished on March 30, 2012 and states that IFRS, which is Canadian GAAP for publicly accountable enterprises or Part I of the Handbook, will not be required for financial statements of Investment Funds until financial years beginning on or after January 1, 2014. This is consistent with the deferral granted by the Canadian Accounting Standards Board
CSA Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards states that Investment Funds should disclose relevant information about its changeover to IFRS in the annual and interim filings three, two and one year(s) before changeover.