Alert: Alberta Securities Commission – Corporate Finance Disclosure Reports

Alert: Alberta Securities Commission – Corporate Finance Disclosure Reports

Every year, the Alberta Securities Commission (ASC) performs both an issue-oriented and a comprehensive review of Alberta reporting issuers’ disclosure. An issue-oriented review entails the review of particular disclosures, issues or requirements. The scope of a comprehensive review usually includes an assessment of a reporting issuer’s financial reporting and other required disclosures in its most recently completed financial statements, management’s discussion and analysis, business acquisition reports, information circulars, news releases, material change reports, annual information forms (if applicable), and other relevant disclosures such as those on websites, webcasts and in investor materials.

A reporting issuer’s specific issue-oriented feedback is provided directly to the reporting issuer, while the comprehensive summary review is released to the broader market and is referred to as a Corporate Finance Disclosure Report (Report). The Report:

  • Sets out the ASC’s observations on deficiencies in public disclosures provided by reporting issuers, including the timing of all such disclosures;
  • Highlights best practices and tips to enhance disclosure;
  • Identifies areas of improvements and common misconceptions, including examples of deficient disclosure and the reasons for the deficiencies; and
  • Highlights amendments made during the respective year to any disclosure requirements and securities regulations.

The 2020 Report, which was issued in November 2020, and Reports for each of the previous five years can be accessed via the respective links below:


This communication contains a general overview of the topic and is current as of January 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. All rights reserved.

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Michelle Balmer

Michelle Balmer CPA, CA

Vice President, Assurance

Michelle Balmer, CPA, CA, is a Senior Assurance Services Partner with MNP. With 14 years of experience in public practice, Michelle helps a broad range of public and privately held companies in a variety of industries. She also works on special projects, including costing studies, benchmarking and best-practice studies, operational analyses, litigation support and due diligence.

As a key member of MNP's Assurance team, Michelle has played an instrumental role in assurance policy development, implementing accounting and assurance standards firm-wide and educating assurance practitioners regarding methodologies and new pronouncements. She also provides technical advice and consultation on accounting and assurance issues, as well as on rules of professional conduct issues, to all MNP practitioners.

Michelle was certified a Chartered Accountant (CA) after obtaining a Bachelor of Commerce degree from the University of Alberta. She has been actively involved with the Institute of Chartered Accountants of Alberta, including the Chartered Accountants School of Business, in an instructional and marketing capacity. An avid volunteer, she has assisted numerous groups such as the Easter Seals of Alberta, Paralympic Sports Association and Junior Achievement of Northern Alberta.