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Companion Policy 51-102CP Continuous Disclosure Obligations
Part 3 Financial Statements
Section 3.6

Comparative Interim Financial Information After Becoming a Reporting Issuer

Section 4.7(4) of the Instrument provides that a reporting issuer does not have to provide comparative financial information when it first becomes a reporting issuer if it complies with specific requirements. Section 4.10(3) of the Instrument provides a similar exemption for comparative financial information for a reverse takeover acquirer. These exemptions may, for example, apply to an issuer that was, before becoming a reporting issuer or before the reverse takeover, a private entity and that is unable to prepare the comparative financial information because it is impracticable to do so. The test of whether “to a reasonable person it is impracticable to present priorperiod information on a basis consistent with subsection 4.3(2)” is objective