The CDR Program completed a total of 1,248 full or
issue-oriented reviews. Issue-oriented reviews, which accounted for
64% of reviews conducted, involved a review of the financial
statements and MD&As of select issuers. The issue-oriented
review focused largely on whether issuers disclosed how the
transition to International Financial Reporting Standards
("IFRS") affected their financial position, financial
performance and cash flow.
Select issuers were also subject to a full review which involves
a review of many types of disclosure (e.g. the most recent annual
financial statements and interim financial reports, technical
disclosure, annual information forms and information circulars).
The full review revealed a number of common deficiencies some of
Financial statement deficiencies (e.g. requirements for
first-time adoption of IFRS (IFRS 1))
MD&A deficiencies (e.g. use of boilerplate language under
discussion of operations, liquidity and general provisions)
Deficiencies in disclosure required by National Instrument
43-101, Standards of Disclosure for Mineral Projects (e.g.
incomplete or inadequate disclosure of preliminary economic
assessments, mineral resources and mineral reserves, non-compliant
certificates and consents from qualified persons for technical
Deficiencies in disclosure required by Form 51-102F6, Statement
of Executive Compensation (e.g. use of boilerplate language under
item 2.1 (compensation discussion and analysis), failure to
disclose the grant date fair value of share-based awards and
option-based awards in the summary compensation table)
Overall, 56% of review outcomes required issuers to take action
to improve disclosure (compared to 70% in 2011). The CDR Program
will focus on the first annual IFRS Report for the fiscal year
ended March 31, 2013.
In 2004, the CDR Program was established by the CSA for the
purpose of identifying material disclosure deficiencies that affect
the reliability and accuracy of an issuer's disclosure record.
The CSA will work with issuers to resolve issues that are
identified as a result of the review process. For more information
about the CDR Program, please see CSA Staff Notice 51-312 – Harmonized
Continuous Disclosure Review Program.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
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