Office of the Superintendent of Financial Institutions
OTTAWA ─ June 21, 2016 ─ Office of the Superintendent of Financial Institutions
The Office of the Superintendent of Financial Institutions (OSFI) today released its final guideline on IFRS 9 Financial Instruments and Disclosures. The guideline sets out OSFI’s expectations for 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).
IFRS 9 is an improvement to the previous standard and has led OSFI to consider changes to its prudential expectations. The expectations set out in the guideline have been tailored to the size, nature and complexity of FREs.
OSFI has long supported the move to an expected credit loss model. Our guideline promotes a consistent implementation and interpretation of the IFRS 9 requirements across Canadian Federally Regulated Entities while tailoring our expectations to the size, nature and complexity of these institutions, said Mark Zelmer, Deputy Superintendent.
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 Affairs email@example.com 613-949-8401