On February 25, 2015, regulations amending the annual statement requirements for federally regulated financial institutions (FRFIs) were published in the Canada Gazette. The amendment requires FRFIs (except for authorized foreign banks) to prepare a statement of comprehensive income as part of their annual financial statement, in addition to the other required statements.
We understand that to the extent institutions are already preparing their annual statements in accordance with the International Financial Reporting Standards (IFRS), which they are expected to do under OSFI guidance, this change will not result in any additional requirement as the statement of comprehensive income is already required under IFRS.
The amending regulations came into force on February 5, 2015, which is the day they were registered (about three weeks prior to publication in the Canada Gazette). The amending regulations amended the Annual Statement Regulations that apply to banks, bank holding companies, federal trust and loan companies, and federal insurance companies and insurance holding companies under the Bank Act (Canada), the Trust and Loan Companies Act (Canada), and the Insurance Companies Act (Canada).
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