OSC Issues Top 10 Tips Guide to Help Companies Prepare First IFRS Filings

TORONTO, Nov. 26 /CNW/ - The Ontario Securities Commission (OSC) has published an online guide to assist public companies with filing their first interim financial reports under new International Financial Reporting Standards (IFRS) in 2011. The changeover to IFRS in Canada begins on January 1, 2011.

The OSC guide, titled Top 10 Tips for Public Companies Filing their First IFRS Interim Financial Report, highlights the requirements for the initial filing with securities regulators. The tips include matters related to:

• Changes to acceptable accounting principles;
  
  
• Auditor involvement with regulatory filings;
  
  
• Consequences of missing financial statement filing deadlines; and
  
  
• IFRS financial statement presentation.

"The deadline for the IFRS changeover is fast approaching and the OSC's goal is to help facilitate a smooth regulatory transition, which will benefit both issuers, their advisors and their investors," says Leslie Byberg, Director, Corporate Finance, at the OSC.

The Top 10 Tips guide for public companies is part of the OSC's ongoing effort to assist market participants with the IFRS transition. Other initiatives have included seminars for market participants, webinars, industry speaking engagements and publications produced in conjunction with the Canadian Securities Administrators.

For further information:

For media inquiries:

Wendy Dey
Director, Communications & Public Affairs
416-593-8120

Robert Merrick
Senior Communications Specialist
416-593-2315

Theresa Ebden
Senior Communications Specialist
416-593-8307

For investor inquiries: 

OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)