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Issuer other than investment funds are required to disclose and discuss in the
Management Discussion and Analysis (MD&A) their IFRS changeover plan, any major
differences between their current accounting policies and the ones required to apply under IFRS.
Issuers should also discuss the potential impacts IFRS has on issuer’s financial statements and
their business activities. Comparative and reconciliation information are required to be disclosed
on the changeover date. More detailed and quantified information should be disclosed as time
progresses. For investment funds that are a reporting issuer, they are required to discuss in their
Management Report of Fund Performance (MRFP) any impacts that IFRS have or expected to
have on the investment fund, its the financial position, and its results. The changeover plan to
IFRS for each fund or fund family should also be disclosed in either MRFP or the notes to the
financial statements. Quantitative data should be disclosed a year before the changeover.
Disclosure should emphasize on specific material information, risks, and certainty that can help
The Timeline
2008: Prepare transition plan and provide qualitative IFRS disclosure in MD&A. Train for IFRS
2009: Review IFRS policy choices and system implications, update disclosure in MD&A
2010: Gather comparative data for use in 2011, add quantitative IFRS disclosure in MD&A
* For Investment fund: The timeline for changeover to IFRS has been delayed for one year.
(“IFRS”) The mandatory changeover date has changed from January 1, 2011 to January 1, 2012.
Disclosure Requirements for Disclosure Requirements for
funds
Discuss the accounting policies Discuss the timing and the key
policies, information
compensation arrangement).
Works Cited
Canadian Securities Administrators. “CSA Staff Notice 52-320 Disclosure Of Expected Changes