The Canadian Accounting Standards Board requires publicly accountable enterprises that prepare interim financial statements to prepare them in accordance with IFRSs for interim and annual periods beginning on or after January 1, 2011. Consequently, calendar-year Canadian public companies will be preparing first interim IFRS financial statements for Q1 2011. The purpose of this document is to provide guidance as to the disclosure requirements for these first IFRS interim financial statements and to answer some frequently asked questions arising from the challenge of preparing interim statements that also include the opening IFRS balance sheet and related transition adjustments.
First interim IFRS financial statements in the year of adoption – Frequently asked questions is based on standards and interpretations that have been issued by the International Accounting Standards Board by December 31, 2010, which would be effective for a first-time adopter of IFRS with a first annual IFRS reporting date of December 31, 2011 (“currently effective” requirements).