Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 12 JULY 2021

Understanding Recent Changes To Non-GAAP And Other Financial Measure Disclosure

Osler, Hoskin & Harcourt LLP
Explore more from Osler, Hoskin & Harcourt LLP

On August 25, 2021, National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (the Instrument) comes into force, resulting in new mandatory disclosure requirements for issuers...

CanadaCorporate/Commercial Law
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Kelsey Armstrong
Kelsey Armstrong
Author LinkedIn connections

On August 25, 2021, National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (the Instrument) comes into force, resulting in new mandatory disclosure requirements for issuers with respect to non-GAAP and other financial measures. Currently, guidance on the use of non-GAAP measures is set out in Canadian Securities Administrators (CSA) Staff Notice 52-306 (Revised) – Non-GAAP Financial Measures (the Current Staff Notice).

Non-GAAP/non-IFRS financial measures are those that depict the historical or expected future financial performance, financial position or cash flow of an issuer, but do not appear on its financial statements. Typical non-GAAP financial measures include "EBITDA", "adjusted earnings", "adjusted EBITDA", "free cash flow", "pro forma earnings", "cash earnings", "distributable cash", "adjusted funds from operations" and "earnings before non-recurring items".

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

The PULSE Report: Governance Of Ontario’s Electric Utilities And Implementation Of Required Changes

Ontario's PULSE report and Bill 140 propose sweeping governance reforms for municipally owned electricity distribution utilities and their holding companies, mandating independent boards and new capital planning requirements by 2027. These changes aim to attract institutional investment for $120 billion in infrastructure expansion, but will require utilities to restructure shareholder agreements, recruit new directors, and implement complex governance arrangements within an extremely compressed timeline.
CanadaCorporate/Commercial Law
Aird & Berlis LLP
Aird & Berlis LLP
Article

Charity And NPO Insights: Key Committee Recommendations For The 2026 Federal Budget

In September 2026, the House of Commons Standing Committee on Finance (the Committee) released its recommendations for the 2026 Federal Budget. While these recommendations do not form part of the Budget itself, they provide insight into current political policy priorities and proposals that may be reflected in future legislative and fiscal initiatives. In this article, we highlight several recommendations of particular relevance to charities and not-for-profit organizations, with a specific focus on the proposed social sector fund.
CanadaCorporate/Commercial Law
Cassels
Cassels
Article

AUM Law Regulatory Update Newsletter: Brief News (October 2026)

The Canadian Investment Regulatory Organization (CIRO) is developing a series of three targeted compliance bulletins to help Dealer Members and Approved Persons apply the Client Focused Reforms (CFRs) in practice. The bulletins build on Joint CSA/CIRO Staff Notice 31-368 Client Focused Reforms: Review of Registrants’ Know Your Client, Know Your Product and Suitability Determination Practices and Additional Guidance, and respond to recurring deficiencies and areas of uncertainty identified through compliance examinations.
CanadaCorporate/Commercial Law
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
Article

The Trade War Tit-for-tat Continues: United States Responds To Canada’s Retaliatory Surtaxes With New Tariffs And Import Prohibitions

Canada and the United States have escalated their trade war with new retaliatory tariffs and import prohibitions taking effect in September 2026. What specific goods are now subject to these measures, and how do the complex layers of tariffs interact to impact cross-border commerce? This comprehensive analysis breaks down the latest developments in the deteriorating Canada-U.S. economic relationship.
CanadaInternational Law
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Canadian Prime Minister Announces ‘Productivity Mega Deduction’

Canada's new Productivity Mega Deduction permanently provides immediate expensing for a wide range of depreciable property and Canadian development expenses, dramatically expanding the scope beyond the previously announced Productivity Super Deduction. The measure aims to reduce Canada's marginal effective tax rate on new business investment to 6.4%, positioning it as the lowest among major economies and less than half the U.S. rate.
CanadaTax
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
Article

Elbows Back Up: U.S. Section 338 Tariffs, Canada’s Retaliatory Surtaxes And The Current Tariff Landscape

As Canada and the United States escalate their trade dispute with new retaliatory tariffs, businesses face mounting compliance challenges across multiple sectors. This analysis examines the comprehensive tariff landscape affecting bilateral trade, including Canada's September 8, 2026 surtaxes on U.S. imports and the corresponding American section 338 tariffs, detailing rates, exemptions, and the legal frameworks governing these measures.
CanadaInternational Law
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP