The International Financial Reporting Standards (IFRS) will replace the current Canadian GAAP for publicly accountable enterprises effective January 1, 2011. The change is driven by the Canadian Accounting Standards Board (AcSB).  Stakeholders should discuss with their external auditors the applicability of IFRS to the entity.

FSCO considers IFRS preparedness to be an enterprise risk and is monitoring company response to the risk. FSCO's approach to monitoring is similar to that of the Office of Superintendent of Financial Institutions (OSFI). 

Insurance Companies

• FSCO requirements for Ontario incorporated insurance companies
• Other insurance companies conducting business in Ontario must comply with OSFI requirements.  No additional requirements for these companies have been identified by FSCO at this time.

Pensions

• The Canadian Accounting Standards Board has indicated that pension plans will not be adopting IFRS standards on January 1, 2011. Instead the Canadian Accounting Standards Board will be modifying Section 4100 of the CICA Handbook.

Mortgage Administrators

• No requirements at this time. As noted above, stakeholders should discuss IFRS applicability with their external auditors.

Co-operatives

• No requirements at this time. As noted above, stakeholders should discuss IFRS applicability with their external auditors.

Credit Unions and Caisses Populaires

• All credit unions and caisses populaires must meet requirements of the Deposit Insurance Corporation of Ontario (DICO)
• DICO letter re adoption of International Financial Reporting Standards (PDF)

Loan and Trust Companies

• Ontario incorporated loan and trust companies must comply with OSFI requirements.  No additional requirements for these companies have been identified by FSCO at this time.

Useful Links

• OSFI IFRS Portal

• Deposit Insurance Corporation of Ontario

• Accounting Standards Board (Chartered Accountants of Canada)

• FSCO's Regulated Sectors – Related Links