The Canadian Securities Administrators yesterday released an updated version of Staff Notice 81-320, first published on October 8, 2010, regarding the adoption of IFRS by investment funds (as defined in securities legislation and subject to National Instrument 81-106 Investment Fund Continuous Disclosure) in Canada. The revised version of the notice reflects the recent decision by the Canadian Accounting Standards Board to further defer the transition to IFRS for investment companies to January 1, 2013. In the meantime, investment funds are expected to continue to provide appropriate disclosure about the anticipated impact of the changeover to IFRS in accordance to the guidance provided in Staff Notice 52-320.
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