Office of the Superintendent of Financial Institutions
OTTAWA ─ March 10, 2016 ─ Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) today released for comment a draft guideline on IFRS 9 Financial Instruments and Disclosures. The draft guideline provides guidance to Federally Regulated Entities (FREs) on the application of International Financial Reporting Standard 9 Financial Instruments (IFRS 9), issued by the International Accounting Standards Board (IASB) in July 2014. IFRS 9 replaces the International Accounting Standard 39 (IAS 39) and will be effective for annual periods beginning on or after January 1, 2018.
IFRS 9 is an improvement to the previous standard and has led OSFI to consider changes to its prudential expectations. The proposals contained in the draft guideline have been tailored to the size, nature and complexity of FREs.
OSFI’s draft guideline provides new guidance on expected credit losses and proposes that seven existing OSFI guidelines be revised or replaced and consolidated into a single IFRS 9 Financial Instruments and Disclosures Guideline.
The Office of the Superintendent of Financial Institutions (OSFI) is an independent agency of the Government of Canada, established in 1987, to protect depositors, policyholders, financial institution creditors and pension plan members, while allowing financial institutions to compete and take reasonable risks.
Annik FaucherOSFI – Public Affairsannik.email@example.com