In October 2009, the Office of the Superintendent of Financial Institutions Canada (OSFI) issued a draft advisory on the accounting and capital implications of converting to IFRS. OSFI indicated that it is not prepared to allow for early adoption of newly issued IFRS standards with an effective date after 2011.
Its position is based on the stated principle that “to facilitate regulatory monitoring and supervision, where possible, it is preferable that financial statements of different federally regulated entities be materially comparable”. OSFI also indicated that this restriction will enable it to effectively update the regulatory regime with thoughtful considerations and deliberations with the sector.
Read this publication to find out what questions your organization should ask and points to consider when responding to the draft advisory.