Canadian securities regulators introduce amendments to oil and gas disclosure
18 Oct 2010
The Canadian Securities Administrators have introduced amendments to National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and related forms, which are designed to improve and clarify the disclosure of oil and gas reporting issuers.
The proposed amendments fall into three broad categories:
- amendments for clarification
- amendments to codify existing staff guidance and practice
- added requirements to enhance reliability of certain disclosure of reserves and resources other than reserves.
One aspect of the amendments is to create rules for the guidance that had previously been provided for the disclosure of reserves and resources other than reserves. The amendments will come into force across Canada on December 30, 2010.
The IASB earlier this year formally released DP/2010/1 Extractive Activities, which also proposes disclosure of reserves and resources information. In our comment letter on DP/2010/1 (PDF 82k), we noted the importance of the IASB and regulators applying the same reserve and resource definitions and disclosures to avoid the need for multiple and costly reserve and resource calculations under differing frameworks.
Click for press release (link to CSA website). Our Canada country page is Here.
