CSA Securities

Toronto – The Canadian Securities Administrators (CSA) today published for comment National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards, its Companion Policy and related amendments that are aimed at ensuring a smooth transition from current Canadian Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS).

National Instrument 52-107 sets out acceptable accounting principles and auditing standards for issuers and registrants to use when filing or delivering financial statements to securities regulatory authorities or securities regulators. The proposed materials are intended to provide an efficient transition mechanism for issuers and registrants to reflect the change to IFRS , and produce high quality financial reporting for investors.

“The Canadian marketplace is making a fundamental change to its accounting standards, which reflects broader acceptance of a single set of accounting standards at the international level,” said Jean St-Gelais, CSA Chair and President & Chief Executive Officer of the AMF. “The CSA wants to ensure Canada’s market participants clearly understand how this change affects securities regulation so that they will be prepared when the change to IFRS is made.”

For financial years beginning on or after  1, 2011, domestic issuers and registrants will be required to use IFRS as incorporated into the Canadian Institute of Chartered Accountants Handbook. The proposed materials address changes to securities legislation that will result from the change to IFRS. This includes, for example, changes in terminology and disclosure requirements.

The CSA today also published notices that propose IFRS-related changes to certain prospectus, continuous disclosure and certification rules. The proposed materials are posted on various CSA members' websites and are available for comment until December 24, 2009.

The CSA, the council of the securities regulators of Canada’s provinces and territories, coordinates and harmonizes regulation for the Canadian capital markets.

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For more information:

CSA member name

Point of contact

Phone number

Autorité des marchés financiers

Sylvain Théberge

514 940-2176

Alberta Securities Commission

Mark Dickey

403 297-4481

British Columbia Securities Commission

Ken Gracey

604 899-6577

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly

709 729-2594

Manitoba Securities Commission

Ainsley Cunningham

204 945-4733

New Brunswick Securities Commission

Wendy Connors-Beckett

506 643-7745

Northwest Territories Securities Office

Donn MacDougall

867 920-8984

Nova Scotia Securities Commission

Natalie MacLellan

902 424-8586

Nunavut Securities Office

Louis Arki

867 975-6587

Ontario Securities Commission

Laurie Gillett

416 595-8913

PEI Securities Office, Office of the Attorney General

Janice Callbeck

902 368-6288

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Yukon Securities Registry

Fred Pretorius

867 667-5225