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ARTICLE · 26 NOVEMBER 2025

CSA Seeking Comments Regarding Proposed Changes To NI 52-112

Burnet, Duckworth & Palmer LLP
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The Canadian Securities Administrators (CSA) are seeking comments on proposed amendments to National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112)...

CanadaFinance and Banking
Burnet, Duckworth & Palmer LLP
Burnet, Duckworth & Palmer LLP
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The Canadian Securities Administrators (CSA) are seeking comments on proposed amendments to National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112), Companion Policy 52-112 (CP 52-112) and Multilateral Instrument 11-102, Passport System (together, the proposed amendments).

Background

NI 52-112 and CP 52-112 were published in 2021 to address stakeholder demands for consistent, transparent disclosure of non-GAAP financial measures. They require issuers to disclose management-defined performance measures (MPMs) outside of financial statements as non-GAAP financial measures, before they can be disclosed as MPMs in the financial statements.

The new IFRS 18 standard, Presentation and Disclosure in Financial Statements, which will become effective for reporting periods beginning on or after January 1, 2027, will require issuers to disclose MPMs in a note to their financial statements (when specific criteria are met).

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