CSA Continuous Disclosure Review Program for the Fiscal Years Ended March 31, 2018 and March 31, 2017
The Canadian Securities Administrators (“CSA”) has issued CSA Staff Notice 51-355 Continuous Disclosure Review Program Activities for the fiscal years ended March 31, 2018 and March 31, 2017. As announced in July 2017, the CSA has moved from publishing this notice annually to publishing it every other year.
This staff notice summarizes the results of the continuous disclosure review program of reporting issuers (other than investment funds) and is important for all reporting issuers to review as it highlights the most common disclosure deficiencies as well as illustrates best practices which can be used to improve future disclosure.
Some of the issues discussed in this continuous disclosure review are:
Financial Statement Deficiencies
Compliance with recognition
Measurement and disclosure requirements in International Financial Reporting Standards, which included, but is not limited to, statement of cash flows, fair value measurements, disclosure of accounting policies, accounting for business combinations, revenue recognition, related party transactions and significant judgements and estimates.
Management’s Discussion and Analysis Deficiencies
Non-GAAP financial measures
Discussion of operations including disaggregation of investment portfolios, additional information about concentrated investments, liquidity, related party transactions and forward looking information
Other Regulatory Disclosure Deficiencies
Mining technical reports
Gender diversity disclosure
Executive compensation disclosure
Unbalanced and misleading social media posts
Filing of previously unfiled documents, such as material contracts
Clarifying news releases or material change reports to address concerns around unbalanced or insufficient disclosure.
You can find the complete notice HERE.