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AcSB publishes its Response Letter to the CSA on Proposed National Instrument 52-112

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Jul 13, 2020

On July 13, 2020, the Accounting Standards Board (AcSB) published its response letter to the Canadian Securities Administrator’s (CSA) Second Notice and Request for Comment on Proposed National Instrument 52-112. This Notice sets out disclosure requirements for non-GAAP financial measures and other financial measures when presented outside of an issuer’s financial statements.

Overall, the AcSB commends the CSA for taking into consideration the comments received on the first version of the Proposed National Instrument to improve the application of these proposals. The response letter also highlights the AcSB’s support for the CSA’s objective of ensuring investors receive appropriate disclosure without unduly increasing regulatory burden on issuers. In particular, the letter encourages the CSA to consider the interaction of the CSA’s Proposed National Instrument and the IASB’s Primary Financial Statement project proposals. It also highlights the AcSB’s willingness to stand ready to work with stakeholders and the CSA to help clarify application challenges that may arise.

Re­view the response letter dated June 29, 2020 on the AcSB's web­site.

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