(1) Exemption from Change in Year-End Requirements – An SEC issuer satisfies this section if
(a) it complies with the requirements of U.S. laws relating to a change of fiscal year; and
(b) it files a copy of all materials required by U.S. laws relating to a change of fiscal year at the same time as, or as soon as practicable after, they are filed with or furnished to the SEC and, in the case of financial statements, no later than the filing deadlines prescribed under sections 4.2 and 4.4.
(2) Notice of Change – If a reporting issuer decides to change its financial year-end by more than 14 days, it must file a notice containing the information set out in subsection (3) as soon as practicable, and, in any event, not later than the earlier of
(a) the filing deadline, based on the reporting issuer’s old financial year-end, for the next financial statements required to be filed, either annual or interim, whichever comes first; and
(b) the filing deadline, based on the reporting issuer’s new financial year-end, for the next financial statements required to be filed, either annual or interim, whichever comes first.
(3) The notice referred to in subsection (2) must state
(a) that the reporting issuer has decided to change its year-end;
(b) the reason for the change;
(c) the reporting issuer’s old financial year-end;
(d) the reporting issuer’s new financial year-end;
(e) the length and ending date of the periods, including the comparative periods, of each interim financial report and the annual financial statements to be filed for the reporting issuer’s transition year and its new financial year; and
(f) the filing deadlines, prescribed under sections 4.2 and 4.4, for the annual financial statements and interim financial reports for the reporting issuer’s transition year.
(4) Maximum Length of Transition Year – For the purposes of this section,
(a) a transition year must not exceed 15 months; and
(b) the first interim period after an old financial year must not exceed four months.
(5) Interim Period Ends Within One Month of Year-End – Despite subsection 4.3(1), a reporting issuer is not required to file an interim financial report for any period in its transition year that ends not more than one month
(a) after the last day of its old financial year; or
(b) before the first day of its new financial year.
(6) Comparative Financial Information in Annual Financial Statements for New Financial Year – If a transition year is less than nine months in length, the reporting issuer must include as comparative financial information to its annual financial statements for its new financial year
(a) a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows, and notes to the financial statements for its transition year;
(b) a statement of financial position, a statement of comprehensive income, a statement of changes in equity, a statement of cash flows and notes to the financial statements for its old financial year;
(c) in the following circumstances, a statement of financial position as at the beginning of the old financial year:
(i) the reporting issuer discloses in its annual financial statements an unreserved statement of compliance with IFRS, and
(ii) the reporting issuer
(A) applies an accounting policy retrospectively in its annual financial statements,
(B) makes a retrospective restatement of items in its annual financial statements, or
(C) reclassifies items in its annual financial statements; and
(d) in the case of the reporting issuer’s first IFRS financial statements, the opening IFRS statement of financial position at the date of transition to IFRS.
(7) Comparative Financial Information in each Interim Financial Report if Interim Periods Not Changed in Transition Year – If interim periods for the reporting issuer’s transition year end three, six, nine or twelve months after the end of its old financial year, the reporting issuer must include
(a) as comparative financial information in each interim financial report during its transition year, the comparative financial information required by subsection 4.3(2), except if an interim period during the transition year is 12 months in length and the reporting issuer’s transition year is longer than 13 months, the comparative financial information must be the statement of financial position, statement of comprehensive income, statement of changes in equity and statement of cash flows for the 12 month period that constitutes its old financial year;
(b) as comparative financial information in each interim financial report during its new financial year
(i) a statement of financial position as at the end of its transition year; and
(ii) the statement of comprehensive income, statement of changes in equity and statement of cash flows for the periods in its transition year or old financial year, for the same calendar months as, or as close as possible to, the calendar months in the interim period in the new financial year;
(c) in the following circumstances, a statement of financial position as at the beginning of the earliest comparative period:
(i) the reporting issuer that discloses in its interim financial report an unreserved statement of compliance with International Accounting Standard 34 Interim Financial Reporting, and
(ii) the reporting issuer
(A) applies an accounting policy retrospectively in its interim financial report,
(B) makes a retrospective restatement of items in its interim financial report, or
(C) reclassifies items in its interim financial report; and
(d) in the case of the reporting issuer’s first interim financial report required to be filed in the year of adopting IFRS, the opening IFRS statement of financial position at the date of transition to IFRS.
(8) Comparative Financial Information in Interim Financial Reports if Interim Periods Changed in Transition Year – If interim periods for a reporting issuer’s transition year end twelve, nine, six or three months before the end of the transition year, the reporting issuer must include
(a) as comparative financial information in each interim financial report during its transition year
(i) a statement of financial position as at the end of its old financial year; and
(ii) the statement of comprehensive income, statement of changes in equity and statement of cash flows for periods in its old financial year, for the same calendar months as, or as close as possible to, the calendar months in the interim period in the transition year;
(b) as comparative financial information in each interim financial report during its new financial year
(i) a statement of financial position as at the end of its transition year; and
(ii) the statement of comprehensive income, statement of changes in equity and statement of cash flows in its transition year or old financial year, or both, as appropriate, for the same calendar months as, or as close as possible to, the calendar months in the interim period in the new financial year;
(c) in the following circumstances, a statement of financial position as at the beginning of the earliest comparative period:
(i) the reporting issuer discloses in its interim financial report an unreserved statement of compliance with International Accounting Standard 34 Interim Financial Reporting, and
(ii) the reporting issuer
(A) applies an accounting policy retrospectively in its interim financial report,
(B) makes a retrospective restatement of items in its interim financial report, or
(C) reclassifies items in its interim financial report; and
(d) in the case of the reporting issuer’s first interim financial report required to be filed in the year of adopting IFRS, the opening IFRS statement of financial position at the date of transition to IFRS.