Issuers filing their first IFRS interim financial report should keep in mind that the filing deadline has been extended by 30 days. This extension is available in respect of the first interim financial report required to be filed in the year of adopting IFRS provided that the issuer (i) is disclosing a statement of compliance with International Accounting Standard 34 Interim Financial Reporting for the first time, and (ii) has not previously filed financial statements that disclosed compliance with IFRS. The usual 45 and 60 day deadlines are consequently extended to 75 days for non-venture issuers and 90 days for venture issuers. This extension also applies to the corresponding MD&A required to be filed.
As such, non-venture issuers with a December 31st year-end will now have until June 14, 2011 to file their first IFRS interim financial report, while venture issuers will have until June 29. According to the OSC, the extension was made "to recognize the fact that the first IFRS interim financial report will be due shortly after the filing of the Canadian GAAP annual financial statements for fiscal 2010."
This extension has been added on a transitional basis to National Instrument 51-102 Continuous Disclosure Obligations in connection with the implementation of final amendments to NI 52-107 Acceptable Accounting Principles and Auditing Standards as discussed in our post on November 26, 2010.
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