Canadian securities regulators are giving investment funds an extra year to adopt International Financial Reporting Standards.
The Canadian Securities Administrators issued a staff notice Friday indicating that as accounting standards setters have decided to delay the changeover to IFRS for investment funds from Jan. 1, 2011 until Jan. 1, 2012, securities regulators will, too.
Investment funds that want to use IFRS for reporting before the new changeover date will have to apply for exemptive relief from the current requirement to prepare financial statements in accordance with Canadian GAAP, the CSA says.
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