Industry

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.

IFRS Releases

The Investment Funds and Structured Products Branch has issued IFRS Releases in order to alert investment fund issuers, their managers and advisers about certain IFRS deficiencies noted in staff's review of IFRS financial reporting by investment funds.

On February 3, 2015, staff discussed IFRS Releases No. 1 to 4 in a webinar. The webinar Message from the Ontario Securities Commission - Investment Funds and IFRS Transition is available, free of cost, and can be accessed on the website of CPA Canada. You will be asked by CPA Canada to register before viewing the webinar. The publication Your Questions Answered is also available and responds to some of the unanswered questions posed by participants during the webinar.

IFRS Release No. 4 - First IFRS Annual Financial Statements - Tips for Year End
published on January 23, 2015

IFRS Release No. 3 - Outcomes from the Review of First IFRS Interim Financial Reports
published on December 19, 2014

IFRS Release No. 2 - Auditor's Involvement with Interim Financial Reports
published on November 26, 2014

IFRS Release No. 1 - Filing Deficiencies in First IFRS Interim Financial Reports
published on September 30, 2014


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.