OSC looking closely at non-GAAP reporting

The OSC says it will be looking closely at non-GAAP reporting.

The regulator released its 2015-2016 corporate finance annual report on Thursday, identifying plans and priority regulatory reforms.

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“In the coming fiscal year, we intend to closely monitor the use of non-GAAP financial measures in issuers’ disclosures and hope to see improvements in the quality of disclosure in issuers’ MD&A,” Huston Loke, director of corporate finance for the OSC, says in a statement. “Issuers and their advisors should use this report to strengthen the quality of their disclosure in these areas.”

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The OSC is also urging industry players to visit its exempt market website, where issuers, registrants and investors can access exempt market data and other resources. It defines the exempt market as selling securities without the protections associated with a prospectus.

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