OSC Publishes Top 10 Tips for IFRS Filers

Earlier this week, the Ontario Securities Commission published an online guide to assist issuers in preparing their first IFRS interim financial report. The issues and tips reviewed in the guide include: (i) changes to acceptable accounting principles; (ii) discussion of a 30 day filing extension for an issuer's first IFRS interim report; (iii) the consequences of missing financial statement filing deadlines, which may include a cease trade order; (iv) suggested financial statement notes to include in the first IFRS interim financial report ; and (v) required reconciliations under IFRS 1, including an example of an equity reconciliation. According to the OSC, its goal in publishing the guide is "to help facilitate a smooth regulatory transition, which will benefit both issuers, their advisors and their investors".