Summary of Amendments

The Canadian Securities Administrators (CSA) have published final amendments to National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (NI 52-112) in anticipation of the adoption of IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 will apply for annual reporting periods beginning on or after January 1, 2027 and, among other things, requires management-defined performance measures to be disclosed in a single note to an issuer's financial statements. 

Key Changes

Maintaining Existing Treatment of Non-GAAP Measures

What does this mean for issuers? 

With IFRS 18 taking effect in 2027, reporting issuers should consider how the amended financial statement presentation requirements will interact with their existing use of non-GAAP and other financial measures in MD&A, earnings releases and other public disclosure.

In particular, issuers may want to review their disclosure practices and controls ahead of the transition to ensure measures used outside the financial statements remain compliant with NI 52-112. 

Effective Date

Subject to necessary approvals, the amendments to NI 52-112 are expected to come into force on December 29, 2026. 

Questions