Regulatory Alerts2021-08-05
Regulation 52-112 respecting Non-GAAP and Other Financial Measures Disclosure
The Autorité des marchés financiers issued Regulation 52-112 to establish disclosure requirements for non-GAAP financial measures, non-GAAP ratios, and other specified financial measures. The regulation mandates that issuers provide clear labels, quantitative reconciliations to the most directly comparable GAAP measure, and explanations of the measures' usefulness and composition. It also sets specific rules for forward-looking information, capital management measures, and total of segments measures to ensure transparency and comparability for investors.
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