Canada:
OSC Identifies IFRS Areas Of Interest
07 March 2012
Stikeman Elliott LLP
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Last week, the OSC's Office of the Chief
Accountant published a staff notice highlighting
selected areas of interest with respect to financial reporting in
the era of IFRS, and identifying areas for closer examination
during 2012. Among other things, the notice considers: (i) the
level of compliance with certain features of IFRS 3
Business Combinations; (ii) accounting for business
combinations under common control; and (iii) the application
of the requirements of IAS 36 Impairment of Assets.
According to the OSC, the objective of the notice is to provide
market participants with information that may assist in preparing
financial reports during 2012.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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