On The Road To IFRS In 2011: Disclosure And Other Legal Issues For Canadian Companies To Consider

Extract

---

On The Road To IFRS In 2011: Disclosure And Other Legal Issues For Canadian Companies To Consider

Introduction

As the Canadian implementation date for the changeover from

Canadian generally accepted accounting principles (Canadian GAAP)

to international financial reporting standards (IFRS) approaches,

the broad potential impact is becoming more apparent. The Canadian

Accounting

Standards Board (CASB) has adopted a transition plan that

requires adoption of IFRS by public companies (and certain others,

including non-listed financial institutions and securities dealers)

for financial years beginning on or after January 1, 2011. While

2011 may still seem a long way off, given the substantial

differences between IFRS and Canadian GAAP, it would not be

untimely for issuers to now begin thinking about transition issues

and developing a transition plan.

As stated in the Canadian Securities Administrators' recent

staff notice (discussed in detail below), moving from Canadian GAAP

to IFRS is a significant undertaking that may materially affect an

issuer's reported financial position and results of

operations.1 Among other things, IFRS-compliant

financial statements for fiscal 2010 will also be necessary for

comparative purposes. Outside of the official transition from

Canadian GAAP to IFRS, Canadian public entities...

See the full content of this document

---