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CSA Approves Amendments Related to Implementation of International Financial Reporting Standards

October-27-2010

Lawyer Neill May
Area Corporate Finance and Securities

Summary

In March 2008, the Canadian Accounting Standards Board confirmed that International Financial Reporting Standards (IFRS) will apply to most Canadian public issuers and registrants for financial years beginning on or after January 1, 2011.  As one of the final steps towards the implementation of IFRS, on October 1, 2010, the Canadian Securities Administrators (“CSA”) approved a new National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards (“NI 52-107”), which, effective January 1, 2011, is to replace the existing National Instrument 52-107.  Amendments to other national instruments, rules and policies have also been approved to accommodate the transition in Canada to IFRS.

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