Opening Remarks by Deputy Superintendent Mark Zelmer to the Accounting Standards Oversight Council

Opening Remarks by Deputy Superintendent Mark Zelmer to the Accounting Standards Oversight Council, Toronto, Ontario, October 23, 2015.

OSFI has chosen to rely as much as possible on accounting information prepared in accordance with generally accepted accounting principles when we set out our capital and liquidity requirements in our industry-wide guidance and in our institution-specific supervisory expectations. This reliance-based approach enables us to leverage the high-quality information contained in financial institution financial statements. We know audited financial statements go through rigorous internal governance and external audit processes that are underpinned by high-quality international accounting standards.”