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ARTICLE · 22 JUNE 2011

Recent IFRS Disclosure Guidance From The Ontario Securities Commission

McCarthy Tétrault
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The Ontario Securities Commission (OSC) recently released the results of its preliminary review of Ontario reporting issuers’ first International Financial Reporting Standards (IFRS) interim financial reports for the quarter ended March 31, 2011.

CanadaAccounting and Audit
Lara Nathans
Lara Nathans
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The Ontario Securities Commission (OSC) recently released the results of its preliminary review of Ontario reporting issuers' first International Financial Reporting Standards (IFRS) interim financial reports for the quarter ended March 31, 2011. As well, in IFRS Release No. 2 – A Reminder Before You File Your First IFRS Interim Financial Report, the OSC released a tip sheet to assist issuers in ensuring that they include certain elements in their first IFRS interim financial reports (the Tip Sheet). Both documents are available at this website, recently established by the OSC to provide, in one place, information and guidance to assist issuers with the transition to IFRS.

In its IFRS Release No.1 – Filing Deficiencies in Issuers' First IFRS Interim Financial Reports (the Release), OSC Corporate Finance has identified three recurring deficiencies made in IFRS filings to date:

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