IFRS Early Adoption Exemption Application — Rationale, Requirements And Process

In an earlier issue, we reported on the Canadian Securities Administrators' (CSA) Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards — to provide our readers advance notice of the mandatory transition of financial reporting standards applicable to Canadian publicly accountable enterprises from Canadian generally accepted accounting principles (Canadian GAAP) to International Financial Reporting Standards (IFRS) for fiscal years beginning on or after January 1, 2011.

CSA Staff Notice 52-320 provides guidance to an issuer on disclosure, in the three years beforethe first year in which the issuer is required to use IFRS, of expected changes in accounting policies relating to an issuer's changeover toIFRS as the basis for preparing its financial statements. The notice focuses on MD&A disclosure, and recognizes the disclosure willbe incremental and provide more detail as the