The Canadian Securities Administrators (CSA) is inviting public comment on its newly released concept paper discussing issues relating to proposed amendments to securities rules on acceptable accounting principles for financial reporting in light of Canada’s adoption of International Financial Reporting Standards (IFRS).
The Accounting Standards Board (AcSB) proposes to move financial reporting for all Canadian publicly accountable enterprises to IFRS by Jan. 1, 2011.
As CSA rules refer to Canadian generally accepted accounting principles established by the AcSB, the CSA is considering the need for amendments to National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency.
“The move to a single financial reporting standard is occurring on a global basis,” says Jean St-Gelais, chairman of the CSA and president & CEO of the Autorité des marchés financiers.
“Securities regulators in Canada are committed to understanding and meeting the needs of Canadian investors, advisors, reporting issuers and auditors as this global shift occurs,” he says.
The CSA is seeking feedback on three main issues:
- Use of IFRS by domestic issuers before January 1, 2011;
- Use of US GAAP by domestic issuers; and
- Reference to IFRS instead of Canadian GAAP in CSA securities rules.
The concept paper and request for comments are available on various CSA members’ Web sites.