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In October 2020 the Canadian Securities Administrators (CSA) published their biennial report on their continuous disclosure review program (CD Review Program) for the fiscal years ended March 31, 2020 and March 31, 2019.
The goal of the CD Review Program is to improve the completeness, quality and timeliness of continuous disclosure (CD) provided by Canadian reporting issuers . The program assesses the compliance of CD documents with securities laws and aims to help issuers understand and comply with their obligations under the CD rules so that investors receive high quality disclosure to assist them in making informed investment decisions.
Issuers are selected for either a full or an issue-oriented review using the CSA’s risk-based and outcomes-focused approach based on both qualitative and quantitative criteria. Issue-oriented reviews are focused on a specific accounting, legal or regulatory issue, an emerging issue or industry, implementation of recent rules or other areas where there may be a heightened risk of potential investor harm. Reviews may also stem from general issuer monitoring through news releases, complaints and other sources. For further details on the CD Review Program see CSA Staff Notice 51-312 (Revised)
Harmonized Continuous Disclosure Review Program, which is available on the CSA members’ websites; links are available
The CSA’s CD review report for the fiscal years ended March 31, 2020 and 2019 (2020-2019 Report) outlines common deficiencies and provides examples of how to improve disclosure on select topics. The 2020-2019 Report highlights financial statement deficiencies related to impairment of non-financial assets, recognition and measurement of intangible assets, and disclosure of operating segments. Due to the ongoing impact of the COVID-19 pandemic, the 2020-2019 Report also includes guidance for issuers on reporting the impact of COVID-19.
During fiscal 2020 a total of 583 CD reviews (fiscal 2019 – 514 CD reviews) were conducted, of which 73% (fiscal 2019 – 70%) were issue-oriented reviews. The areas of focus for issue-oriented reviews were as follows:
Material Change Reports
Financial Statements / MD&A
Technical (mining and oil & gas)
Other (primarily cryptocurrencies and cannabis)
The outcomes of the selected reviews were as follows:
The full 2020-2019 CD Review Report and reports for the previous five years are provided below:
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of October 31, 2020. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2020. All rights reserved.
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