CSA Staff Notice 52-326: IFRS Transition Disclosure Review

On July 23, 2010, the Canadian Securities Administrators (CSA) published Staff Notice 52-326 IFRS Transition Disclosure Review (SN 52-326), which provides an assessment of disclosure regarding transition to International Financial Reporting Standards (IFRS) made by issuers in their 2009 annual Management Discussion & Analysis (MD&A).¹ Overall, while the CSA generally note an improvement in quantity and quality of disclosure by issuers in relation to the upcoming transition to IFRS, they also suggest areas for further enhancement. In conducting their review, the CSA compared the IFRS transition disclosure of 196 calendar year-end issuers to the disclosure guidance previously provided in their May 9, 2008 Staff Notice 52-320 Disclosure of Expected Changes in Accounting Policies Relating to Changeover to International Financial Reporting Standards (SN 52-320).