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ARTICLE · 06 JANUARY 2015

OSC Provides Update On IFRS Disclosure Deficiencies For Investment Funds

Stikeman Elliott LLP
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The Investment Funds and Structured Products Branch of the OSC today published its third release in respect of IFRS disclosure deficiencies for investment funds.

CanadaFinance and Banking
Darin Renton
Darin Renton
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The Investment Funds and Structured Products Branch of the OSC today published itsthird release in respect of IFRS disclosure deficiencies for investment funds. The release, which provides information regarding the resolution of issues identified in the Branch's first two releases cover such topics as (i) opening IFRS statement of financial position; (ii) IFRS 1 reconciliations; (iii) MRFP disclosure; (iv) auditor involvement with interim financial reports; and (v) regulatory consequences and remedies.

Of particular interest, the release stated that funds that omitted a discussion of the transition to IFRS in their interim MRFP were required to restate and refile the interim MRFP (accompanied by a press release explaining the information being refiled) and were placed on the Refilings and Errors List on the OSC website. Funds that filed an interim financial report that did not include a notice in the absence of an auditor review were placed on the Refilings and

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