Canada - Disclosing IFRS changeover plans in the MD&A

The conversion of Canadian standards to International Financial Reporting Standards (IFRS) is likely to cause significant changes in the financial reporting practices of publicly accountable entities regulated by the Canadian Securities Administrators (CSA). In Staff Notice 52-320, Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards, the staff of the CSA provides guidance on their expectations. Disclosure of changeover plans is expected for entities that at the time of issuing an interim MD&A have developed a changeover plan, but in no case should that discussion be provided later than in the annual MD&A published for the period three years before the changeover date. For most entities, this means the annual MD&A for 2008, with consideration to be given to quarterly disclosures during 2008. For additional insight, read the Deloitte Canada publication How to Monitor a Sea Change: Discussing your IFRS changeover plan in the MD&A.