On May 27, 2021, the Canadian Securities Administrators (CSA) published National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure (NI 52-112) and related companion policy, which raises the standard of regulation for disclosing non-GAAP and other financial measures on a voluntary basis.

NI 52-112 will replace a 2016 CSA Staff Notice, which sets out the current CSA guidelines and expectations for non-GAAP financial measure disclosure, and will be binding on reporting issuers when it comes into force on August 25, 2021, subject to ministerial approvals. NI 52-112 updates the definition of non-GAAP financial measures and builds on the current disclosure guidance set out in the 2016 CSA Staff Notice. It also adds disclosure requirements in relation to non-GAAP ratios and other financial measures, including capital management measures, supplementary financial measures and "total of segments" measures. Click here to read more.

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