Regulatory Alerts2021-08-25
Policy Statement to Regulation 52-107 respecting Acceptable Accounting Principles and Auditing Standards
Securities regulatory authorities issued this policy statement to clarify the interpretation and application of Regulation 52-107 regarding acceptable accounting principles and auditing standards for reporting issuers. The document details specific requirements for calculating voting securities owned by Canadian residents, defines the scope of exemptions, and mandates the use of International Financial Reporting Standards for periods beginning on or after January 1, 2011. It further provides guidance on transition periods, the presentation of financial statements using different accounting frameworks, and reconciliation requirements for acquisition statements prepared under Canadian GAAP applicable to private enterprises.
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