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Farris LLP: Vancouver's Law Firm

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24 June 2011

Trevor Scott comments on new IFRS requirements for reporting litigation in financial statements

Farris partner Trevor Scott was quoted in a recent edition of The Lawyers Weekly on the risks resulting from new requirements under IFRS for reporting contingent claims in financial statements. IFRS imposes a higher standard then old Canadian GAAP for reporting contingent claims, including litigation claims.  Trevor commented that there is a risk that the additional disclosure required to now be made in IFRS financial statements, including management’s best estimate of the likely outcome of the litigation, could be used by plaintiffs to their advantage.

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