Regulatory Alerts2016-01-13
CSA Staff Notice 52-306 (Revised): Non-GAAP Financial Measures
The Canadian Securities Administrators issued this notice to provide guidance for issuers disclosing non-GAAP financial measures to prevent investor misleading. Issuers must ensure these measures are not presented with greater prominence than comparable GAAP measures and must provide a clear quantitative reconciliation to the most directly comparable GAAP measure. The guidance also mandates specific disclosures regarding the usefulness of the measures, consistency in presentation, and the composition of additional subtotals in financial statements.
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