CSA Proposes Amendments To Non-GAAP And Other Financial Measures Disclosure Rules

Overview

On November 13, 2025, the Canadian Securities Administrators ("CSA") opened a 90-day comment period for proposed amendments to National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure ("NI 52-112") and related changes to the Companion Policy (together, the "Proposed Amendments"). The Proposed Amendments are intended to address the introduction of IFRS 18 Presentation and Disclosure in Financial Statements, recently issued by the International Accounting Standards Board ("IASB") and effective for annual periods beginning on or after January 1, 2027. The Proposed Amendments would expand the definition of a non-GAAP financial measure to include management-defined performance measures ("MPMs"), allow certain disclosures to be incorporated by reference from the financial statements, introduce prominence requirements for additional subtotals disclosed outside the financial statements, and consolidate existing exemptions. While the changes are