Regulatory Alerts2010-06-04
Notice relating to the Application of International Financial Reporting Standards: Accounting Practices and Capital Adequacy Requirements
The Autorité des marchés financiers (AMF) mandates Québec financial institutions to adopt International Financial Reporting Standards (IFRS) for fiscal years beginning on or after January 1, 2011. The guidance outlines specific transitional accounting treatments for securitization, segregated funds, insurance contracts, and investment property to ensure accurate capital adequacy calculations under the Asset-to-Capital Multiple framework. Institutions must file an unaudited equity reconciliation by July 31, 2010 and may elect an irrevocable transition period deferring IFRS impacts on capital until December 31, 2012.
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