CSA Provides Guidance On Compliance With Non-GAAP Financial Measures Rule

On November 3, 2022, the Canadian Securities Administrators (CSA) published CSA Staff Notice 51-364 (the Report) to summarize the results of continuous disclosure reviews conducted by CSA staff over the two years ending March 31, 2022. In particular, the Report appended a summary resulting from the CSA's review of approximately 85 issuers to assess compliance with certain aspects of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure (NI 52-112).

NI 52-112 and its companion policy (the Companion Policy) came into effect on August 25, 2021 (see our June 2021 Blakes Bulletin: CSA Publishes Final Non-GAAP and Other Financial Measures Rule) to codify new requirements for the disclosure of non-GAAP (generally accepted accounting principles) and other financial measures.