Canada – OSFI releases draft advisory regarding impact of IFRS

Canada’s Office of the Superintendent of Financial Institutions (OSFI) has released a Draft Advisory on “Conversion to International Financial Reporting Standards (IFRSs) by Federally Regulated Entities (FREs).” This Draft Advisory addresses the regulatory implications of IFRS conversion on accounting and capital. The Draft Advisory is open for comment until December 31, 2009.