On July 19, the Canadian Securities Administrators (CSA) published their biennial report on their Continuous Disclosure Review Program (CD Review Program) for reporting issuers. Issue-oriented reviews in fiscal 2018 related to the themes listed in the table at left. The “Other” category comprised emerging industries (including cryptocurrencies and cannabis), certification of disclosure, social media, news releases and public complaints):
This year’s report highlighted deficiencies in the following areas:
- Financial statements: compliance with recognition, measurement and disclosure requirements in International Financial Reporting Standards (IFRS);
- Management’s Discussion and Analysis (MD&A): non-GAAP financial measures, discussions of operations including disaggregation of investment portfolios, additional information on concentrated investments, liquidity, related party transactions, and forward-looking information; and
- Other matters, including: gender diversity disclosure, climate change disclosure, executive compensation disclosure, and issues relating to social media disclosures.