The International Financial Reporting Standards (IFRS) will replace the current Canadian GAAP for publicly accountable enterprises effective January 1, 2011.  The change is driven by the Canadian Accounting Standards Board (AcSB).

FSCO considers IFRS preparedness to be an enterprise risk and is monitoring company response to the risk.  FSCO’s approach to monitoring is similar to that of the Office of Superintendent of Financial Institutions (OSFI). 

All Ontario Regulated Insurance Companies (ORICs), including Reciprocals and Fraternals, are considered publicly accountable enterprises and as such are expected to adopt IFRS in accordance with the AcSB’s plan for fiscal years beginning on or after January 1, 2011.

No early adoption will be allowed for ORICs. FSCO will not accept IFRS financial reporting prior to January 1, 2011.

All ORICs must submit to FSCO a progress report every six months on their plan to adopt IFRS. The first progress report is due on February 28, 2009.

FSCO communicated with all ORICs on December 24, 2008, advising on requirements to meet IFRS reporting and progress reviews.

FSCO letter and instructions re IFRS (PDF)

OSFI notices re IFRS

Link to International Accounting Standards Board

Canadian Institute of Chartered Accountants on IFRS