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ARTICLE · 10 OCTOBER 2013

CSA Adopt Transition Date For Investment Funds To Move To IFRS

Stikeman Elliott LLP
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The Canadian Securities Administrators announced yesterday that they have finalized changes that will transition financial reporting for investment funds to IFRS.

CanadaAccounting and Audit
The Securities Group
The Securities Group
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The Canadian Securities Administrators announced yesterday that they have finalized changes that will transition financial reporting for investment funds to IFRS.

While reporting issuers and registrants generally were required to transition as of January 1, 2011, the transition date for investment funds was deferred in order to allow for the International Accounting Standards Board's (IASB's) exception from consolidation for investment companies to be in place prior to the transition.  Without this exception, investment funds would have been required to consolidate investments that they controlled, resulting on potentially confusing disclosure given that their portfolios were historically shown at fair value. This issue was resolved under the IASB's Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) issued on October 31, 2012, which provides the required exception. According to the CSA, the definition of "investment entity" in IFRS 10 should capture,

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