CSA seeks comments on paper discussing move to IFRS

The Canadian Securities Administrators (CSA) is requesting comment on its paper discussing issues surrounding proposed amendments to securities rules on acceptable accounting principles for financial reporting.
The Accounting Standards Board (AcSB) proposes to move financial reporting for all Canadian publicly accountable enterprises to International Financial Reporting Standards (IFRS) by Jan. 1, 2011, a CSA release says.
As CSA rules refer to Canadian generally accepted accounting principles established by the AcSB, the CSA is considering the need for amendments to National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency.
The CSA is seeking feedback on three main issues:
Use of IFRS by domestic issuers before Jan. 1, 2011;
Use of US GAAP by domestic issuers; and
Reference to IFRS instead of Canadian GAAP in CSA securities rules.
“The move to a single financial reporting standard is occurring on a global basis,” Jean St. Gelais, CSA chair, said in a statement.
“Securities regulators in Canada are committed to understanding and meeting the needs of Canadian investors, advisors, reporting issuers and auditors as this global shift occurs.”
The concept paper (Paper 52-402) and request for comments are available on various CSA members’ Web sites, the release adds.