Meeting Regulatory Requirements

Financial reporting is changing to IFRSs in 2011. There are key areas to consider when thinking about your regulatory requirements as an issuer. For instance, there are some issuer obligations specific to the IFRS changeover. Also, there are issuer requirements that are not necessarily IFRS-specific, but are still relevant to the IFRS transition.    

The following listing identifies key regulatory areas related to IFRSs, but does not attempt to cover all regulatory requirements for issuers. Issuers should read the specific instruments, rules and notices to ensure they fully understand the implications of the regulatory requirements. Proposed amendments, rules, instruments or policies should be reviewed to understand any future developments to the securities law and instruments.

Featured OSC Resources

OSC Corporate Finance - IFRS Release No. 3:  IFRS Interim Financial Reports - Tips for Q2 and Q3

Staff Notice 51-718 - Key Considerations Relating to an Auditor’s Involvement with Interim Financial Reports (OSC) 

Ontario Securities Commission Issuer Guide Top 10 Tips for Public Companies Filing Their First IFRS Interim Financial Report (More)

OSC Corporate Finance -- IFRS Release No. 1: Filing Deficiencies in Issuers First IFRS Interim Financial Reports

Free OSC Seminars

• IFRS Transition and Regulatory Compliance for Public Companies. (More)

•  Transition to IFRSs
  • OSC Video - Transition to IFRSs (More)
  • CPR Alert Interim Reporting Under IFRSs — An Update (July 2011)
  • Canadian Performance Reporting (CPR) alert - Year-End Round-Up (January 2011)

• MD&A Disclosure
  • CSA Staff Notice 52-328 Disclosures About Accounting Policies in the Year of Changeover to International Financial Reporting Standards
  • Canadian Securities Regulators Observe Moderate Improvement in Issuers’ Compliance with Certification Requirements (October 15, 2010)
  • CSA Staff Notice 52-327 (October 2010) – Certification Compliance Update
  • CSA Staff Notice 52-320 (May 2008) – Disclosure of Expected Changes in Accounting Policies relating to Changeover to IFRS
  •  CSA Staff Notice 52-326 IFRS Transition Disclosure Review (July 2010)
  • OSC Staff Notice 52-718  IFRS Transition Disclosure Review (February 2010)
    → OSC Video on 52-718 MD&A Disclosure Review Results
  • Canadian annual MD&As 2009 IFRS Disclosure Examples (based on December 31, 2009 filings)
  • Examples of IFRS transition-related disclosure in Canadian issuer MD&As (based primarily on September 30, 2009 filings)
  • Canadian MD&A 2008 IFRS Disclosure Examples (based on December 31, 2008 filings)
    
    
• Planning & Communication
  
  
• IFRS-Related Amendments to Securities Rules and Policies
  • Canadian Securities Regulators Approve IFRS-related Materials, October 1, 2010
  • IFRS-Related Amendments to Securities Rules and Policies, October 1, 2010 (OSC)
    
    
•  Accounting and Auditing Reporting Requirements
  • CSA Staff Notice 52-328 Disclosures About Accounting Policies in the Year of Changeover to International Financial Reporting Standards
  • CSA Staff Notice 52-306 (Revised) - Non-GAAP Financial Measures and Additional GAAP Measures
  • Proposed National Instrument 52-107, Acceptable Accounting Principles, Auditing Standards and Reporting Currency (IFRS Amendments)
    
    
• Continuous Disclosure Obligations
  • CSA National Instrument 51-102, Continuous Disclosure Obligations
    → Proposed and Consequential Amendments to NI 51-102 – IFRS-related changes for continuous disclosure requirements
    
    
• CEO and CFO Certifications
  • Proposed National Instrument 52-109 – Certification of Disclosure in Issuers' Annual and Interim Filings  (IFRS – related changes for certification requirements)
  • National Instrument CSA Staff Notice 52-325 Certificate Compliance Review
  • IFRS Conversions – What CFOs Need to Know and Do (CICA)
  • IFRS Conversion: Implications for CEO and CFO certifications (KPMG)
    
    
• Audit Committee – Financial Literacy
  • CSA Multilateral Instrument 52-110, Audit Committees and related Companion Policy 52-110CP.
    
    
• Prospectus
  • Proposed National Instrument 41-101 General Prospectus Requirements and related materials (IFRS –related changes for prospectus requirements)
    
    
• Non-GAAP Financial Measures and Additional GAAP Measures
  • Staff Notice: 52-306 - Non-GAAP Financial Measures and Additional GAAP Measures
  • Reporting Supplementary Financial Measures - General Principles
    
    
• SEC Registrants
  
  
• Commission Websites
  • Alberta Securities Commission
  • Autorité des marchés financiers
  • British Columbia Securities Commission
  • Manitoba Securities Commission
  • New Brunswick Securities Administration Branch
  • Newfoundland and Labrador Securities Commission
  • Northwest Territories Registrar of Securities
  • Nova Scotia Securities Commission
  • Nunavut Registrar of Securities
  • Ontario Securities Commission
  • PEI Office of the Attorney General Securities Division
  • Saskatchewan Financial Services Commission – Securities Division
  • Yukon Registrar of Securities