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.

The guideline also incorporates a number of OSFI’s existing accounting and disclosure guidelines related to financial instruments.

Review the press release and Guideline on the OSFI's Web site.

Visit the CFO’s corner in Deloitte’s Centre for Financial Reporting to read this editorial as well as any previous articles that you may have missed.

Canadian MJDS companies and many other cross-border companies incorporated or organized outside of the United States enjoy the benefit of various exemptions under U.S. securities laws on the basis that they qualify as “foreign private issuers.”

Torys LLP released a publication where they analyze on the SEC’s guidance, including:

• The guidance is generally favourable to foreign private issuers and is consistent with past advice that we have given to our foreign private issuer clients.
• In determining foreign private issuer eligibility, companies have some flexibility under the rules, as long as they apply their methodologies consistently.
• A public offering of guaranteed securities and subsequent SEC reporting by a parent and subsidiary may be conducted under the foreign private issuer rules, provided the parent is a foreign private issuer and the parties meet the other criteria for omitting the subsidiary’s financial statements from SEC filings.

Review the publication on the Torys LLP's website.

In the article, Devine mentions that one of the key takeaways from the panel, it’s that non-GAAP measures are not prohibited and that you're allowed to use them. Also, investors and analysts and registrants find quite a bit of value in non-GAAP measures, but they need to be high quality.

Review the article on Accounting Today's website.

Under the exemption, an investor must obtain advice regarding the suitability of the investment from an investment dealer. This is a key condition for investor protection, as the investment dealer must meet its know-your-client and know-your-product obligations when determining the suitability of the investment.

Review the press release on the ASC's Web Site.

"Across the markets we serve, TMX has moved to partner with our clients to seek out new solutions and effect positive change," said Nick Thadaney, President & CEO, Global Equity Capital Markets, TMX Group. "We've seen tremendous interest from our equities markets clients in expanding to four character symbols and, with valuable support from other service providers, we have responded to meet their needs. Providing greater choice on our Exchanges remains a top priority for TMX and we look forward to exploring new opportunities to broaden our solutions and services and lead Canada's markets into the future."

Review the press release on the TMX Group's website.