Canadian Securities Regulators Release Concept Paper Relating to International Financial Reporting Standards

    TORONTO, Feb. 13 /CNW/ - The Canadian Securities Administrators (CSA) is
inviting public comment on its newly released CSA Concept Paper 52-402,
discussing issues relating to proposed amendments to securities rules on
acceptable accounting principles for financial reporting in light of Canada's
adoption of International Financial Reporting Standards (IFRS).
    The Accounting Standards Board (AcSB) proposes to move financial
reporting for all Canadian publicly accountable enterprises to IFRS by January
1, 2011. 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 January 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," said Jean St-Gelais, Chair of the CSA and President & Chief
Executive Officer of the Autorité des marchés financiers (Québec). "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 and request for comments are available on various CSA
members' websites.

    The CSA, the council of the securities regulators of Canada's provinces
and territories, co-ordinates and harmonizes regulation for the Canadian
capital markets.

For further information:

For further information: Laurie Gillett, Ontario Securities Commission,
(416) 595-8913; Barbara Shourounis, Saskatchewan Financial Services,
Commission, (306) 787-5842; Frédéric Alberro, Autorité des marchés financiers,
(514) 940-2176; Andrew Poon, British Columbia Securities, Commission, (604)
899-6880; Nicholas A. Pittas, Nova Scotia Securities Commission, (902)
424-6859; Mark Dickey, Alberta Securities Commission, (403) 297-4481; Bob
Bouchard, Manitoba Securities Commission, (204) 945-2555; Jane Gillies, New
Brunswick Securities Commission, (506) 643-7745; Marc Gallant, Prince Edward
Island Office of the Attorney, General, (902) 368-4552; Doug Connolly,
Financial Services Regulation, Division Newfoundland and Labrador, (709)
729-2594; Louis Arki, Nunavut Securities Registry, (867) 975-6587; Donald
MacDougall, Securities Registry, Northwest Territories, (867) 920-8984; Yukon
Securities Registry, Fred Pretorius, (867) 667-5225

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