CSA delay implementation of IFRS for investment funds
The Canadian Securities Administrators (CSA) published an update today regarding their plans for requiring adoption of IFRS by Canadian investment funds. As we discussed in October 2009, the CSA proposed amendments to NI 81-106 Investment Fund Continuous Disclosure last year that would have required investment funds to transition to IFRS by January 1, 2011. The Accounting Standards Board (AcSB) recently decided, however, to defer the mandatory IFRS changeover date for investment companies in order to give the International Accounting Standards Board time to implement a proposed exemption for investment companies from having to consolidate investments they control. As the CSA would prefer that the proposed IASB consolidation exemption be in place before requiring investment funds to transition to IFRS, the CSA intend to wait before seeking approval for, or republishing IFRS-related amendments to NI 81-106. The new goal for IFRS implementation for investment funds is now January 1, 2012.
