On June 29, 2020, the Accounting Standards Board (AcSB) responded to the Canadian Securities Administrator’s (CSA) Second Notice and Request for Comment on Proposed National Instrument 52-112. This Notice sets out disclosure requirements for non-GAAP financial measures and other financial measures when presented outside of an issuer’s financial statements.
We commend the CSA for taking into consideration the comments received on the first version of the Proposed National Instrument to improve the application of these proposals. Our response letter also highlights our support for the CSA’s objective of ensuring investors receive appropriate disclosure without unduly increasing regulatory burden on issuers.
The letter encourages the CSA to consider the interaction of the CSA’s Proposed National Instrument and the IASB’s Primary Financial Statement project proposals. Furthermore, it highlights our willingness to stand ready to work with stakeholders and the CSA to help clarify application challenges that may arise.
Read our response letter submitted to the CSA.
Jayshal Daya, CPA, CA
Principal, Accounting Standards Board
Phone no.: +1 (416) 204-3501
Email: [email protected]