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ARTICLE · 21 NOVEMBER 2025

CSA Proposes Amendments To Align Non-GAAP Financial Measures Disclosure Framework With IFRS 18

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On November 13, 2025, the Canadian Securities Administrators (CSA) published a notice and request for comment regarding proposed amendments to National Instrument 52-112...

CanadaAccounting and Audit
Tara Hunt
Tara Hunt
Max Borins
Max Borins
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On November 13, 2025, the Canadian Securities Administrators (CSA) published a notice and request for comment regarding proposed amendments to National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") and consequential amendments to related policies and instruments (the "Proposed Amendments"). The Proposed Amendments respond to the new IFRS® Accounting Standard, IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18"), which was issued by the International Accounting Standards Board (IASB) in April 2024 and becomes effective for financial reporting periods commencing on or after January 1, 2027.

The IFRS 18 standard is designed to improve financial reporting and increase comparability of performance measures, including measures not disclosed in an issuer's financial statements in accordance with Generally Accepted Accounting Principles ("GAAP").

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