Results Of The CSA's 2012 Continuous Disclosure Review Program

On July 19, 2012, the Canadian Securities Administrators (the "CSA") published Staff Notice 51-337, which reports on the results of the CSA's review of continuous disclosure filings for the fiscal year ended March 31, 2012.

Much of the CSA's review focused on the transition from Canadian GAAP to IFRS.  However, the Staff Notice also provides guidance on a number of other disclosure requirements.

Deficiencies Identified

The Staff Notice identifies several areas of common deficiencies, including those outlined below.

• Financial Statements– The CSA notes deficient disclosure, and provides sample disclosure, in the following areas, each of which has been impacted by the changeover from Canadian GAAP to IFRS:
  • the classification of a liability as current;