Companies in the midst of the transition to International Financial Reporting Standards (IFRS) from the current Canadian GAAP are required to make detailed disclosures throughout the process. The Ontario Securities Commission (OSC) is monitoring the transition, and has found that these disclosures are not always up to snuff.

The CICA had written a good summary of the issue and provides IFRS resources for firms. The OSC also offers resources which provide insights as to what is expected in terms of disclosure.  See the following links:

CICA Summary:

http://www.cica.ca/transition/intheloop/

OCS News Release:

http://www.osc.gov.on.ca/en/NewsEvents_nr_20100205_52-718_osc-ifrs-transition.htm