Canada - Financial institutions may not early-adopt IFRS

The Canadian Securities Administrators have invited comment on whether to permit publicly accountable Canadian enterprises to adopt IFRS starting in 2009 which is two years earlier than required by the Canadian Accounting Standards Board. Nonetheless, the Canadian Office of the Superintendent of Financial Institutions (OSFI) has issued a notice to all federally regulated financial institutions on the Adoption of International Financial Reporting Standards. The notice instructs them not to adopt IFRS early, mainly for regulatory comparability reasons.