CSA Publishes Results Of Continuous Disclosure Review Program

On July 18, 2013, the Canadian Securities Administrators (the "CSA") published Staff Notice 51-339 (the "Staff Notice") detailing the results of its review of continuous disclosure documents filed by selected reporting issuers for the fiscal year ended March 31, 2013. The Staff Notice discusses a number of common deficiencies identified in financial statements and MD&A, as well as provides guidance concerning certain other key disclosure topics.

Common Deficiencies

1. Financial Statements

Judgments – Under paragraph 122 of IAS 1 Presentation of Financial Statements, reporting issuers are required to disclose certain judgments that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognized in the financial statements. The CSA found that the disclosure in this area is generally deficient and boilerplate.