AC Insights provides audit committee members with a summary of financial reporting developments for public companies using IFRS, how those developments might affect their company and things they may want to think about when reviewing financial reports. The insights are provided for developments to the end of the current quarter-end. Developments may occur subsequent to the quarter-end which change the guidance issued or perspectives on the guidance. Such changes will be reflected in subsequent editions of AC Insights.

Due to a lack of an adequate response to CSA Notices and comments on the use of and disclosure about non-GAAP financial measurements, the CSA is taking a stronger approach by mandating certain disclosures to help investors understand the non-GAAP and other financial measures used by issuers. The proposals are contained in Proposed National Instrument 52-112: Non-GAAP and Other Financial Measures Disclosure and Proposed Companion Policy 52-112: Non-GAAP and Other Financial Measures Disclosure. If adopted, this guidance would provide authoritative securities requirements for issuers providing non-GAAP and other financial measures in all documents filed with the securities administrators as well as other written communications on websites or social media.

Both the CSA and SEC have continually raised concerns over potential misleading non-GAAP financial information included in various disclosures made by issuers. In the news release accompanying the proposals, Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers (Quebec) indicated, “These requirements would ... provide CSA Staff with a stronger tool to take appropriate regulatory action, when warranted.”

The US edition includes FASB developments along with the CSA, SEC and Auditing developments discussed in the Canadian edition.