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Non-GAAP and Other Financial Measures Disclosure – AcSOC

Date recorded:

At the Accounting Standards Oversight Council (AcSOC) meeting on October 25-26, 2018, Ms. Gaede, Chief Accountant and CFO of the Alberta Securities Commission and Co-chair of the CSA’s Committee that published proposed NI 52-112 for comment, described the background to the consultation, including the CSA’s objectives. She noted that there are concerns about inconsistencies between proposed NI 52-112 and the AcSB’s current Draft Framework for Financial Reporting and that the CSA’s goal is to ensure that the AcSB’s Draft Framework guidance complements the CSA’s rules and does not conflict with Canadian securities regulations.

AcSOC members’ comments included the fact that the AcSB Draft Framework is not a standard. It is a statement of principles and the AcSB should make this abundantly clear. One member was surprised to hear that users would read the Draft Framework as if it was a standard, and think that by following it they would be complying with securities law. In an in-camera discussion following Ms. Gaede’s presentation, Ms. Mezon, the AcSB Chair, noted that the AcSB has proposed changes to the Draft Framework prior to the current meeting for incorporation into a revised Draft Framework to be issued in December 2018. She believes that these amendments should alleviate the CSA’s concerns.

Review the meeting summary on the AcSOC's Web site.

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