Results Of The CSA Continuous Disclosure Review Program

Canadian Securities Administrators Staff Notice 51-3371 summarizes the results of the CSA's continuous disclosure review program for the fiscal year ended March 31, 2012. In addition to providing guidance on common deficiencies, the notice indicates that the CSA will focus on the first annual IFRS report in the current year and that the following topics that may receive greater attention:

• judgments and sources of estimation uncertainty disclosure;
• asset impairments; and
• business combinations.

Common Deficiencies

The common deficiencies identified include the following: Financial Statements

• First-time adoption of IFRS - omitting the required reconciliations, failing to adequately explain material adjustments, failing to change all of accounting policies, and providing boilerplate accounting policy disclosure.