Office of the Superintendent of Financial Institutions
The guidelines referred to in this letter have been revised or
rescinded in order to reflect the adoption of International Financial
Reporting Standards (IFRSs). Amendments to the following guidelines,
which remain in force, are effective for fiscal years beginning
on or after January 1, 2011.
Many of OSFI’s existing guidelines provide additional guidance
to FREs when applying Canadian Generally Accepted Accounting Principles
(CGAAP) or make reference to CGAAP when providing non-accounting
guidance. As these guidelines were not prepared under IFRSs, OSFI
has revised them as necessary to reflect the implementation of IFRSs
OSFI’s guidelines were reviewed in two phases, as described below.
Phase 1 comprised those guidelines associated with the four IFRSs
core policy workstreams identified as having the most impact when
moving to IFRSs, namely:
as well as the annual disclosure Guidelines D-1, D-1A and D-1B.
On April 30, 2010, OSFI issued proposed revisions to these core
workstream guidelines and recommendations for rescission for public
comment by June 15, 2010.
Phase 2 comprised all other OSFI guidelines which may be impacted
by the adoption of IFRSs which were not considered in Phase 1, namely:
As a result of the reviews, OSFI determined that a number of its
guidelines will no longer be necessary when IFRSs are implemented.
As such, the following guidelines will be rescinded for fiscal years
beginning on or after January 1, 2011 but will remain effective
for fiscal years beginning before January 1, 2011:
Questions concerning guidelines applicable to Deposit Taking Institutions
should be addressed to Renée Chen, Director, Accounting Policy Division,
at (416) 973-2055, by facsimile at (416) 952-1662 or by e-mail at
Questions on guidelines applicable to insurers should also be addressed
to Mark Causevic, Director, Accounting Policy Division, at (416)
973-8933, by facsimile at (416) 952-1662 or by e-mail at Mark.Causevic@osfi-bsif.gc.ca.