The CSA’s continuous disclosure review report – nope, everything’s not fixed yet

The Canadian Securities Administrators have issued Staff Notice 51-346 Continuous Disclosure Review Program Activities for the fiscal year ended March 31, 2016. The report highlights a motley selection of apparently recurring deficiencies in IFRS financial statements: Market Risk Sensitivity Analysis “Some issuers present sensitivity analysis that is not reflective of the reasonably possible changes in…

Non-GAAP measures – reporting the story

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…

More from the OSC on adjusted earnings measures

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…