International Financial Standards Reporting (IFSR)

In Canada, the Ontario Securities Commission has publicly stated that reporting issuers are not well prepared for changes to IFRS. IFRS is International Financial Standards Reporting which is due to kick in 2011. Yikes that's next year. Here's a few things that they say about MD&A.

"the purpose of this Notice is to summarize the results of the review of 106 reporting issuers and to provide additional guidance for issuers in their Management Discussion & Analysis (MD&A) filings. The review found, among other things:

40% of issuers made no mention of an IFRS changeover plan in their MD&A disclosure 60% of issuers discussed a changeover plan, with only half providing disclosure beyond a generic reference to the transition Only half of the issuers that discussed their IFRS transition in their 2008 MD&A also provided investors with quarterly progress updates in 2009 interim MD&A documents"

Most management teams seem to be asleep on this one.