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Canadian securities regulators reinforce disclosure expectations for mining issuers’ mineral resource estimates

Jun 04, 2020

On June 4, 2020, the Canadian Securities Administrators (CSA) published a notice that summarizes the results of a review on the mineral resource estimates disclosed in mining issuers’ technical reports. The notice explains how regulators assess mineral resource estimates and provides guidance to assist issuers on addressing common deficiencies.

Disclosure of a mineral resource estimate is an influential factor in the value that investors put on a mining issuer’s securities. The estimate is the foundation for studies that govern the design and economic feasibility of a mining project.

CSA Staff reviewed the disclosure of mineral resource estimates in 86 technical reports to assess compliance with securities regulatory requirements and for conformance to the Canadian Institute of Mining, Metallurgy and Petroleum best practices guidelines.

The review found that most disclosure on mineral resource estimates was satisfactory. Some mining issuers need to improve their mineral resource estimate disclosure in the following areas:

  • Reasonable prospects of eventual economic extraction: improving descriptions of the different technical and economic assumptions used to determine that the estimated mineralized material has the potential to be mined and processed economically;
  • Data verification: ensuring data used to support a mineral resource estimate is adequately verified and determined suitable by the qualified person;
  • Reporting results, sensitivities, risks and uncertainties: enhancing disclosure about potential risks and uncertainties specific to the mining project. Many technical reports only provided boilerplate disclosure and omitting risks specific to of the mineral resource estimate could be misleading.

Despite some deficiencies, many technical reports provided detailed and useful information on geological constraints applied to the estimate, and on statistical treatment of the data.

Review the press release and Staff Notice on the CSA's website.


IASB issues investor webcast on expected credit losses and related disclosures

Jun 04, 2020

On June 4, 2020, the International Accounting Standards Board (IASB) issued a webcast for investors that outlines the information that entities will provide in expected credit losses (ECL) when using IFRS 9 and IFRS 7 to prepare financial statements and notes.

The webcast is hosted by IASB Vice-Chair Sue Lloyd and technical staff member Sid Kumar and covers the following areas:

  • ECL model development
  • Important characteristics of the ECL model
  • ECL related disclosures
  • Interaction with regulatory provisions

For more information, see the press release on the IASB’s website.

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In Brief – A plain and simple overview of PSAB’s 2020 decision to adapt IPSAS principles when developing future standards

Jun 03, 2020

On June 3, 2020, the Public Sector Accounting Board (PSAB) released this overview to explain PSAB’s 2020 decision to adapt IPSAS principles when developing future standards.

At its May 5, 2020 meeting, PSAB voted to adapt IPSAS principles when developing future standards. This decision has been years in the making, including extensive consultation with Canadian stakeholders, as part of the Board’s International Strategy project.

While PSAB has made the decision, more planning and work will be done to support stakeholders in this change. The Board itself will also continue to work on implementing this change into its due process, which will require further discussion and work in the coming year.

A basis for conclusions will be issued in July 2020 that will outline how PSAB came to this important decision.

Review the In Brief on the PSAB's website.


IASB issues “Investor Update” newsletter

Jun 03, 2020

On June 3, 2020, the International Accounting Standards Board (IASB) issued the latest edition of its newsletter "Investor Update", which profiles recently introduced IFRS Standards and other changes to the pipeline as well as how those changes may affect companies and performance.

This issue features:

  • IFRS Foundation response to COVID-19
  • New project timelines
  • We need your views—open consultations
  • Stay up to date
  • Resources for investors

Review the Investor Update newslet­ter on the IASB’s website.

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Impact of COVID-19 on the global financial system

Jun 03, 2020

Review the following articles published by the World Economic Forum (WEF) on the pandemic.

Impact of COVID-19 on the global financial system

As the human and economic costs of the COVID-19 pandemic have unfolded, the global financial system has been both a source of strength—with banks and fin-techs helping distribute support to small businesses and households in need—and an area of potential risk, with record levels of market volatility and growing concern around credit losses. Governments, central banks, regulators, and international organizations have moved rapidly to address the economic collapse and financial fallout, but questions remain around how policy should continue to evolve to preserve financial stability.

Energy Transition Index 2020: from crisis to rebound

The world’s energy transition has made slow and steady progress over the past five years, but the COVID-19 crisis risks derailing long-term progress. Will recovery and the shifting global energy order shape new opportunities for picking up the pace?

Winning the race for survival: How new manufacturing technologies are driving business-model innovation

As most manufacturing firms continue to realize their revenues through traditional channels, COVID-19 has created the need for rapid and radical innovation in both business and operating models. The future belongs to those who can manage uncertainty and innovate rapidly.

How the fourth industrial revolution can help us beat COVID-19

As global COVID-19 cases continue to rise, the unmatched connectivity that defines our era serves as both bane and blessing. Our interconnected livelihoods allow for the rapid spread of both disease and cure. The Fourth Industrial Revolution gives us the tools we need to battle this global threat. If we do not have the tools of tomorrow, we must have the leadership of today.

5 ways collective intelligence can help beat coronavirus in developing countries

The COVID-19 pandemic has so far had the greatest impact in developed economies with strong health systems. And the results have been terrifying. But the epicenter of the pandemic could soon shift again – to low and middle-income countries, including those already fragile after years of conflict. Many are woefully unprepared.

Emerging priorities and principles for managing the global economic impact of COVID-19

Governments and central banks in the economies most affected by the COVID-19 pandemic have rapidly mobilized to keep their economies on “life support” while societies fight the most dramatic health crisis of our time. Where is the economy heading in the current situation? How effective are the policy responses being deployed? What priorities and principles should guide actions by public and private sector leaders in response to the unfolding economic crisis?

Workforce principles for the COVID-19 pandemic: Stakeholder capitalism in a time of crisis

While there currently is a significant focus on the public health and economic impact of the COVID-19 pandemic, the workforce and societal implications are no less profound. The guiding principles and the four workforce management imperatives outlined in this document are a preliminary response to the unfolding crisis. They are intended to serve as a tool for Chief Human Resources Officers (CHROs) and other business leaders. While businesses may need to adjust measures according to different policy environments, the concept of stakeholder capitalism can provide a framework for a responsible course of action at this pivotal moment.

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Standard setting during the COVID-19 pandemic – June 2020 Update

Jun 02, 2020

On June 2, 2020, the Accounting Standards Board (AcSB) released a statement from the Chairs of the AASB, AcSB and PSAB that gives an update on the decisions they have made on resource development, effective date deferrals, and comment deadline extensions.

As the COVID-19 pandemic and its effects in Canada continue to evolve, the standard-setting boards have focused discussions on ensuring stakeholder needs are addressed. Recent decisions have focused on alleviating pressure as you navigate these challenging and uncertain times.

Review the statement on the AcSB’s website.

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Accelerating business strategy with data and stepping into a role as a leader

Jun 01, 2020

Review the following articles published by the Harvard Business Review (HBR) on using data and becoming a leader.

Use data to accelerate your business strategy

For sure companies are “data richer,” having exponentially more data at their disposal. But they are still “information poor”, even as leaders have implemented a wide array of programs aimed at exploiting data. Most still struggle to build data into their business strategies and, conversely, to align their data efforts to the needs of the business. There are a host of reasons, from lack of talent to unreasonable expectations to culture. Solving these problems is essential for those that wish to unleash the power of data across their organizations.

How CEOs can lead a data-driven culture?

While businesses across the world are trying to make more effective use of data, analytics, and AI, a key impediment is holding many of them back: The lack of a culture that truly values data/analytics capability and the superior decision making that can flow from it. Yet it’s possible to create a data-driven culture and accrue the competitive benefits that result.

Stepping into a leadership role? Be ready to tell your story

Stepping into a role as a leader — whether as a seasoned executive or a neophyte supervisor — is both challenging and exciting. How you handle this transition can have a huge impact on your career. You need to hit the ground running not only with your bosses and key stakeholders but also with your direct reports. Research shows that having a 90-day plan with 30-day and 60-day milestones along the way increases your chances of success. But while these plans are great tools, direct reports will evaluate who you are and what you bring to the table long before you hit those milestones. Indeed, they’ll make “sticky” evaluations of you from the very first conversation. That’s why you should have a “Day 1” plan, or what some like to call a “new-leader pitch.”

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In Brief – A plain and simple overview of the AASB’s Exposure Draft, Audits of Group Financial Statements (Including the Work of Component Auditors)

Jun 01, 2020

On June 1, 2020, the Auditing and Assurance Standards Board (AASB) released an In Brief that provides an overview of the the proposed changes to ISA 600, Special Considerations – Audits of Group Financial Statements (Including the Work of Component Auditors).

The AASB’s Exposure Draft and outreach activities on this topic aim to gather feedback to ensure the revised ISA is appropriate for adoption in Canada.

Review the In Brief on the AASB's website.


IOSCO Statement on importance of disclosure about COVID-19

May 29, 2020

On May 29, 2020, the International Organization of Securities Commissions (IOSCO) issued IOSCO Statement on Importance of Disclosure about COVID-19 to highlight financial reporting issues that should be considered by reporting issuers in order to provide investors with relevant and reliable information in their financial reports and related disclosure documents.

The statement discusses:

  • Impact on amounts recognized, measured and presented in the financial statements
  • Importance of transparent and complete disclosures
  • Non-GAAP Financial Measures
  • Interim reports
  • Implications for the annual audit
  • Filing deadlines extended in many jurisdictions
  • IOSCO interaction with other stakeholders

Review the statement on the IOSCO's website.

Securities - CSA Image

Temporary relief from certain regulatory filings available to registrants and unregistered capital markets participants due to COVID-19

May 29, 2020

On May 29, 2020, the securities regulatory authorities in Alberta, British Columbia, New Brunswick, Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Prince Edward Island, Saskatchewan and Yukon (the participating jurisdictions) published temporary blanket relief for registrants and unregistered capital markets participants from certain financial statement and information delivery requirements, as a result of COVID-19.

The conditions of the relief are substantially the same as the temporary relief announced on March 23 (prior relief), but the relief is only applicable to registrants and unregistered capital markets participants with filing deadlines in the periods described below.

The blanket relief provides a 60-day extension for periodic filings normally required to be made between June 2, 2020 and September 30, 2020 by registrants and, in Ontario, unregistered capital markets participants that rely upon certain registration exemptions. These unregistered capital markets participants include unregistered investment fund managers and unregistered exempt international firms. Registrants and unregistered capital markets participants that have already used the prior relief to extend their deadline for any financial statement or information delivery requirements occurring on or before June 1, 2020, cannot use this relief to further extend that deadline.

The CSA is implementing the relief through local blanket orders by the participating jurisdictions. Registrants who are registered in multiple jurisdictions will need to ensure that they satisfy the applicable filing deadlines in those jurisdictions where the relief does not apply.

The securities regulatory authorities in Québec and Manitoba separately published temporary blanket relief from certain financial statement and information delivery requirements for registrants whose principal regulator is one of the participating jurisdictions.

Review the press release on the CSA's website.

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