As we discussed in a post last year, IIROC proposed amendments to its Form 1 in August 2010 to harmonize the standards used to comply with the financial reporting requirements of Form 1 with IFRS as much as possible. The OSC has now approved the amendments, with revisions. The amendments came into effect as of February 28, 2011 and are for the period beginning January 1, 2011. While the approved amendments do not include the changes initially proposed to the definition of "market value of securities", IIROC has indicated that a change in definition is forthcoming in the months ahead.

A number of departures from IFRS, however, have been made, including (i) reporting of client and broker trading balances on a net basis or gross basis; (ii) treating preferred shares as regulatory capital; and (iii) presenting the financial statements on a non-consolidated basis. Meanwhile, Dealer Members that meet certain criteria will be able to request a deferral for one year on the implementation of IFRS, except for certain specified departures. For more information, see IIROC Notice 11-0082.