Canadian Securities Regulators release concept paper relating to International Financial Reporting Standards

CSA Securities

Toronto - The Canadian Securities Administrators (CSA) is inviting public comment on its newly released CSA Concept Paper 52-402, 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 January 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 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 move to a single financial reporting standard is occurring on a global basis,” said Jean St-Gelais, Chair of the CSA and President & Chief Executive Officer of the Autorité des marchés financiers (Québec). “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.”

The concept paper and request for comments are available on various CSA members’ websites.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates 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

Frédéric Alberro

514 940-2176

Alberta Securities Commission

Mark Dickey

403 297-4481

British Columbia Securities Commission

Andrew Poon 

604 899-6880

Financial Services Regulation Division, Newfoundland and Labrador

Doug Connolly

709 729-2594

Manitoba Securities Commission

Ainsley Cunningham

204 945-4733

New Brunswick Securities Commission

Jane Gillies

506 643-7745

Nova Scotia Securities Commission

Nicholas A. Pittas

902 424-6859

Nunavut Securities Registry

Louis Arki

867 975-6587

Ontario Securities Commission

Laurie Gillett

416 595-8913

Prince Edward Island Office of the Attorney General

Marc Gallant

902 368-4552

Saskatchewan Financial Services Commission

Barbara Shourounis

306 787-5842

Securities Registry, Northwest Territories

Donald MacDougall

867 920-8984

Yukon Securities Registry

Fred Pretorius

867 667-5225