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ARTICLE · 08 JUNE 2021

Securities Regulators Finalize Rules For Non-GAAP And Other Financial Measures

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On May 27, the Canadian Securities Administrators (CSA) announced that they are adopting National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure and related consequential...

CanadaCorporate/Commercial Law
Janet Holmes
Janet Holmes
Jennifer Baugh
Jennifer Baugh
Glen Johnson
Glen Johnson
Robbie Leibel
Robbie Leibel
Emily Stauffer
Emily Stauffer
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On May 27, the Canadian Securities Administrators (CSA) announced that they are adopting National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure and related consequential amendments. The new rules will govern how companies present non-GAAP and other financial measures and ratios such as adjusted earnings, adjusted EBITDA, free cash flow, pro forma earnings, distributable cash, and earnings before non-recurring items.

What you need to know

  • The rules will have the force of law, unlike the existing regulatory guidance on non-GAAP financial measures. This means that Canadian securities regulators will have stronger compliance and enforcement tools if a company's non-GAAP financial measures are misleading.

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