The Securities Commission has granted AltaGas Ltd. an exemption from the requirement to prepare financial statements in accordance with Canadian GAAP, as outlined in section 3.2 of National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards. Instead, AltaGas may continue to use U.S. GAAP, extending a similar exemption previously granted in 2018. This decision is based on the company’s involvement in rate-regulated activities and the pending development of a new IFRS standard for such entities by the International Accounting Standards Board (IASB).
The exemption is conditional and will expire on the earliest of three events: January 1, 2027; the date AltaGas ceases to have rate-regulated activities; or the date a new IFRS standard for rate-regulated entities becomes effective, plus two years for implementation. The Alberta Securities Commission is the principal regulator for this application, and the decision also applies to Ontario and other Canadian jurisdictions where AltaGas is a reporting issuer.