An interesting contrast in how two prominent Canadian newspapers reported the first quarter results of Torstar Corporation. Here’s a section of the report from the Toronto Star: “Torstar booked a number of charges related to the digital transformation in the first quarter of 2016 that ate into its earnings, but are not expected to continue…

The Canadian Securities Administrators have recently issued a revised version of CSA Staff Notice 52-306 Non-GAAP Financial Measures. The biggest surprise to readers might be that the revision actually results in a shorter document – it’s only about two thirds as long as its predecessor. The previous version was titled “Non-GAAP Financial Measures and Additional…

The OSC has issued Staff Notice 52-722 Report on Staff’s Review of Non-GAAP Financial Measures and Additional GAAP Measures. In the OSC’s terminology, “non-GAAP financial measures are often found in public documents, such as Management Discussion & Analysis (MD&A), press releases, prospectus filings, websites and marketing materials. Additional GAAP measures presented in the financial statements…