4. When did the changeover to IFRSs take place?

The changeover to IFRSs occurred in 2011, but affected entities were required to gather data in accordance with IFRSs at the beginning of their 2010 fiscal year.

IFRSs replaced Canadian GAAP for publicly accountable enterprises and government business enterprises for interim and annual financial statements relating to fiscal years beginning on or after January 1, 2011. Therefore, affected entities with fiscal period ending on October 31, 2011, for example, will prepare their first IFRS financial statements with the interim statement ending January 31, 2012.