IFRS – Key Timelines and Requirements – Canada
• 2008 – Companies are required to include within their MD&A, a qualitative discussion pertaining to their plans and analysis in regards to IFRS implementation. This requirement falls within existing MD&A requirements (MI 51-102F1) wherein listed entities must discuss and analyze the impact of accounting changes to future reporting periods. The details are also discussed in MI 52-320 dated May 9, 2008, and would pertain to interim and annual reports. Companies should therefore be performing initial assessments and developing project plans.
• 2009 – As a continuation of the work done in 2008, companies are required to provide a further in-depth (ideally quantitative) analysis, describing the major identified differences, enabling investors to understand the key elements of the financial statements that will be impacted by changeover to IFRS. Companies should therefore have completed a detailed review of key standards and policy choices, and information system considerations that are applicable.
• 2010 – Companies will be required to provide an update on the IFRS project. During 2010, companies will essentially need to be able to report under both Canadian GAAP and IFRS, because of the comparative information that will be required for 2011.
• 2011 – IFRS is fully implemented. Restate January 1, 2010 opening Balance Sheet and quarter end 2010 interim reports for comparatives.