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OSC Staff Notice 52-723 - Office of the Chief Accountant - Financial Reporting Bulletin

  • Securities - OSC Image

Nov 25, 2016

On November 25, 2016, the Ontario Securities Commission (OSC) released OSC Staff Notice 52-723 - Office of the Chief Accountant - Financial Reporting Bulletin (November 2016) which highlights their observations on various financial reporting topics.

This bulletin highlights observations about various financial reporting topics relevant to reporting issuers that prepare financial statements in accordance with IFRS. The objective of this bulletin is to provide useful information to market participants that may assist in preparing future financial reports.

The staff of the OSC wants to:

  • communicate considerations for disclosure effectiveness
  • share their observations on recent areas of focus
  • highlight their expectations for implementation of several new accounting standards.

When disclosing financial information, the staff of the OSC encourages reporting issuers to:

  • take a "fresh look" at their financial statement disclosures, and consider how information could be more effectively and efficiently presented
  • consider financial reports as communication documents as opposed to a "compliance exercise".

A reporting issuer's management, audit committee, and external auditor each has an important role to play in contributing to disclosure effectiveness.

Review the bulletin on the OSC's website.

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