The Alberta Securities Commission recently released its annual
Corporate Finance Disclosure
Report for 2011, which sets out the results of its
continuous disclosure reviews for the past fiscal year. In addition
to performing full continuous disclosure reviews, the ASC also
conducted issue-oriented reviews focused on the first quarter
interim filings of reporting issuers that transitioned to IFRS.
Ultimately, the report highlights recurring issues found in
reporting issuers' disclosure, including such things as gaps in
financial statements relating to reverse takeover transactions,
deficiencies in the disclosure of risk factors and assumptions used
to develop forward looking information, and insufficient
While the ASC stated that it was generally satisfied with
the results of its IFRS-focused reviews, the report cited a slight
increase in the amount of refilings requested (from 14% to 16% of
issuers reviewed). Notably, the proportion of financial statement
refilings increased significantly, from 17% of refilings to
43%. Issues that the ASC observed included missing financial
statements, unclear transition impact, boilerplate accounting
policy disclosure and lack of identification of IFRS 1
exemptions taken. The report also provides practice tips and
examples of disclosure for the benefit of reporting issuers
preparing to file their first annual IFRS financial
Finally, the report also reviews disclosure made in offering
documents filed by reporting issuers where Alberta is the principal
regulator. Deficiencies found in such documents included
insufficient disclosure regarding use of proceeds and oil and gas
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
To print this article, all you need is to be registered on Mondaq.com.
Click to Login as an existing user or Register so you can print this article.
The Canadian Office of the Superintendent of Financial Institutions ("OSFI") recently ruled that a bank cannot promote comprehensive credit insurance ("CCI") within its Canadian branches under the Insurance Business (Banks and Bank Holdings Companies) Regulations (the "Regulations").
Register for Access and our Free Biweekly Alert for
This service is completely free. Access 250,000 archived articles from 100+ countries and get a personalised email twice a week covering developments (and yes, our lawyers like to think you’ve read our Disclaimer).