IFRS Update
On May 28, the Office of the Superintendent of Financial Institutions (OSFI) reported on International Financial Reporting Standards (IFRS) readiness by Federally Regulated Financial Institutions (FRFIs). OSFI has received initial progress reports from most FRFIs. The majority of FRFIs have well developed project governance processes in place and IFRS conversion plans are receiving an appropriate level of attention from senior management. Conversion projects for the majority of FRFIs are adequately resourced and are on track to facilitate a smooth transition to IFRS. OSFI is contacting FRFIs where material deficiencies in plans or processes were noted.
To ensure that FRFIs are ready for the 2011 IFRS conversion date, OSFI requests FRFIs to undertake an initial IFRS impact assessment using current standards. OSFI further recommends that FRFIs undertake impact assessments of any proposed standards that could have a material impact on the financial statements of the FRFI where the target implementation date falls before or on the 2011 IFRS conversion date.
