2009-07-23 CSA Staff Notice 52-320 – Example MD&A Disclosures of the Impact of Changeover to IFRS

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This newsletter provides examples of disclosures in MD&A about the impact of changeover to IFRS as required by CSA Staff Notice 52-320.

MD&A disclosure requirements CSA Staff Notice 52-320, Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards requires that an issuer disclose the key elements of its transition plans including the anticipated impact on accounting policies, information systems, internal controls, financial reporting expertise, training and the business.

Disclosures are included in an issuer's MD&A and the CSA acknowledged in the Staff Notice that an issuer's disclosures may be limited to information available at each reporting date prior to changeover.
Financial statement disclosure requirements In July 2009, the AcSB published amendments to Section 1506, Accounting Changes, to clarify that its disclosure requirements related to future changes in GAAP do not apply to changes resulting from the complete replacement of an entity’s primary basis of accounting.
Example disclosures The document attached below includes disclosures from the MD&A of a sample of Canadian reporting issuers. Readers are cautioned that this Newsletter includes example disclosures only and that an issuer's disclosure will vary depending on information available and the issuer's stage in its plan for transition to IFRS. PricewaterhouseCoopers LLP and its affiliated firms have not audited or otherwise attempted to verify the accuracy or compliance of these disclosures with the requirements of the CSA.
1.51 MB CSA Staff Notice 52-320 – Example MD&A Disclosures of the Impact of Changeover to IFRS (1.51 MB)
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