2011-07-12 OSC Publishes IFRS Release No. 3

View this page in: Français

On July 5, 2011 the OSC's Corporate Finance Branch followed up the publication of their IFRS Release No. 2 on first IFRS interim financial reports with IFRS Release No. 3 — IFRS interim financial reports — Tips for Q2 and Q3.

IFRS Release No. 3:

  • includes some important reminders about issuer's obligations under securities regulations when filing IFRS interim financial reports;
  • explains OSC staff expectations over Q2 and Q3 disclosures; and
  • reminds issuers of the presentation and disclosure requirements where there is a change in accounting policy.

In addition, the Release includes new "tip sheets" that list the key elements that are required in IFRS interim financial reports for second quarter in the year of adoption of IFRS. The tip sheets can assist issuers in checking for key elements to lessen the possibility of a restatement and should complement other technical guidance an issuer uses to ensure its second quarter IFRS interim financial reports comply with IFRS and securities requirements. Separate Q2 tip sheets are also available for issuers with March 31, June 30, or September 30 year-ends.

Year end


December 31 IFRS Release No. 3 and Q2 Tip Sheet December 31
March 31 Q2 Tip Sheet March 31
June 30 Q2 Tip Sheet June 30
September 30 Q2 Tip Sheet September 30

More information on presentation and disclosure considerations for preparing second and third quarter IFRS interim financial statements can be found in our publication First-Time Interim Reporting Under IFRS – After Q1 which addresses frequently asked questions that have arisen in connection with these interim financial statements.