The Canadian Accounting Standards Board (AcSB) has extended the existing deferral of the mandatory IFRS changeover date for entities with qualifying rate-regulated activities to 1 January 2015.

Prior to this, IFRS was due to come into force at the end of 2013 and the deferral is aimed to give first time adopters adequate time to prepare comparative figures based on a new interim IFRS.

The 2015 date will coincide with the expiration of the Canadian Securities Administrators’ (CSA) exempt relief for entities that aren’t registered with the US Securities and Exchange Commission to temporarily apply for the US GAAP instead of IFRSs.

As well as this, the International Accounting Standards Board plans to issue a request for information in the second quarter of 2013 and establish a consultative group to provide specialist analysis of the recently reactivated comprehensive project on accounting for rate regulated activities.

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Canadian Accounting Standards Board