The Office of the Superintendent of Financial Institutions has issued a letter to federally regulated financial institutions regarding their progress to the transition to International Financial Reporting Standards (IFRS).

In the letter, OSFI notes that all federally regulated financial institutions will be required to submit semi-annual reports detailing the progress being made to the move to IFRS, and it provides further guidance setting out OSFI’s expectations for the content of such reports.

The first progress report can be filed at any time after this letter but no later than 60 days following the federally regulated financial institution’ 2008 fiscal year end, it says.

In addition to monitoring the status of the firms’ implementation plans, OSFI intends to use the information submitted in its policy development process and will be engaging the industry in a dialogue (including voluntary industry forums hosted by OSFI) as part of that process, it says.

The letter also notes that in May the Canadian Securities Administrators issued a staff notice outlining its IFRS reporting requirements. OSFI has concluded that firms not subject to CSA requirements will not be expected to file the CSA disclosures with OSFI.

IE