Financial Reporting


Insured institutions are required to file regular reports which help FSCO  and DICO assess the financial performance and condition of each institution and its compliance with the Act , regulations and standards .

Insured Institutions file a monthly report (MIR) and an annual report (AMIR) which contain financial and other information. The AMIR is filed together with the Audited Financial Statements, management letter and report to the Audit Committee.


IMPORTANT CHANGES TO REPORTING REQUIREMENTS (Sector Release #64, November 30, 2010)

DICO is implementing changes to the reporting requirements for all credit unions and caisses populaires starting in 2011. These changes are the result of several factors:

  • The introduction of International Financial Reporting Standards (IFRS)
  • Changes in legislation and regulation
  • A need to collect different types of information for risk assessment purposes
  • Advances in technology

The new reporting system is designed to provide greater flexibility and allow for collection of information based on each institution’s class, size and complexity of operations.

The following changes to reporting requirements will take effect in 2011:

  • Revised versions of DICO’s Monthly Information Return (MIR) and Annual Information Return (AIR) will be introduced.
  • Commencing with December 31, 2010 AIR filings (due Mar 15, 2011) or January 31, 2011 MIR filings (due Feb 21, 2011), institutions must submit returns to DICO using a new internet-based reporting system, Internet Monthly Information Return (iMir), which will replace the Electronic Monthly Information Return (eMir) software. The new reporting system can be accessed from the secure area of DICO’s website on or after February 1, 2011.

New Reporting System (iMir)

Please note that it will no longer be necessary to download and install any additional software to access the reporting system. The only requirements are an internet connection and browser. In order to assist credit unions with the transition, the following list of support materials is available:

  • Instructional Video
  • Changes in legislation and regulation
  • PDF of the revised MIR and AIR forms
  • MIR and AIR Completion Guide
  • Import file specifications

DICO would like to extend a special thank you to the following credit unions that generously agreed to test the new reporting system and provide valuable feedback:

  • Finnish Credit Union
  • Kawartha Credit Union
  • Mennonite Savings and Credit Union
  • Northern Credit Union
  • Northern Lights Credit Union
  • Sheridan Park Credit Union
  • Victory Community Credit Union

Please contact us if you have any questions concerning these new reporting requirements.

 
Publication Highlights
Summary of Changes
  • Summary of Changes to Reporting Requirements
Instructional Video
 
PDF of the revised MIR and AIR forms (Updated Dec 20, 2010)
  • Forms Class 1 Credit Unions
  • Forms Class 2 Credit Unions


Completion Guide
  • MIR and AIR Completion Guide
Import File Specifications
  • Import File Specifications (this document is available in English only)
Import File Specifications - Developer Completion Guide
  • Developer Completion Guide
Import File Example (Updated Dec 20, 2010)
  • Import File Example
Auditor's Report, Certificate of Insured Deposits and Certificates of Representation
  • Auditor's Report, Certificate of Insured Deposits and Certificates of Representation