2010-03-02 OSC Disclosure Review and Example MD&A Disclosures - Compliance with CSA Staff Notice 52-320

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This Newsletter contains a link to OSC Staff Notice 52-718, IFRS Transition Disclosure Review, and example 2009 MD&A disclosures of a sample of Canadian reporting issuers.

The Ontario Securities Commission recently issued Staff Notice 52-718, IFRS Transition Disclosure Review, which discusses the results of its review of disclosures made to comply with CSA Staff Notice 52-320. Their findings suggest that the key elements of the IFRS changeover plans, or progress made in achieving these plans, have not been adequately discussed in the MD&A by many of the reporting issuers.

The report is available on the OSC's website.

We are providing additional example disclosures from the 2009 annual MD&A of a sample of Canadian reporting issuers. Readers are cautioned that these are example disclosures only and that an issuer’s disclosure will vary depending on information available and where they are in their 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.