Canada Business Corporations Act

CBCA Regulation, Part 8 Financial Disclosure

The following definitions apply in this Part:…

Canadian GAAP means generally accepted accounting principles as set out in the CPA Canada Handbook – Accounting or the CPA Canada Public Sector Accounting Handbook, as amended from time to time.

The following definitions apply in this Part:…

Canadian GAAS means generally accepted auditing standards as set out in the CPA Canada Handbook – Assurance, as amended from time to time.

The following definitions apply in this Part:…

SEC means the United States Securities and Exchange Commission.

(1) Subject to subsection (2), the annual financial statements referred to in paragraph 155(1)(a) of the Act shall be prepared in accordance with Canadian GAAP.

(2) For an SEC registrant, the financial statements may be prepared in accordance with US GAAP.

(3) to (6) [Repealed, SOR/2016-98, s. 2]

(7) The financial statements shall contain a note stating whether the statements have been prepared in accordance with Canadian GAAP or US GAAP.

(8) [Repealed, SOR/2016-98, s. 2]

Auditor’s Report

71.1 (1) Subject to subsection (2), the auditor’s report referred to in section 169 of the Act shall be prepared in accordance with Canadian GAAS.

(2) For an SEC registrant that has prepared its financial statements in accordance with US GAAP and whose auditors are in compliance with the professional practice standards of the Public Company Accounting Oversight Board of the United States, the auditor’s report may be prepared in accordance with US GAAS.

(3) [Repealed, SOR/2016-98, s. 3]

(4) If the auditor’s report referred to in subsection (2) is prepared in accordance with US GAAS and is for a financial year that begins on or after January 1, 2011, it shall comply with section 3.8 of NI 52-107, but for the purpose of applying that section,

(a) the expression U.S. PCAOB GAAS has the meaning assigned to the expression US GAAS by section 70 of these Regulations; and

(b) the expression SEC issuer has the meaning assigned to the expression SEC registrant by section 70 of these Regulations.

(1) Subject to subsection (2), the auditor’s report referred to in section 169 of the Act shall be prepared in accordance with Canadian GAAS.

(2) For an SEC registrant that has prepared its financial statements in accordance with US GAAP and whose auditors are in compliance with the professional practice standards of the Public Company Accounting Oversight Board of the United States, the auditor’s report may be prepared in accordance with US GAAS.

(3) [Repealed, SOR/2016-98, s. 3]

(4) If the auditor’s report referred to in subsection (2) is prepared in accordance with US GAAS and is for a financial year that begins on or after January 1, 2011, it shall comply with section 3.8 of NI 52-107, but for the purpose of applying that section,

(a) the expression U.S. PCAOB GAAS has the meaning assigned to the expression US GAAS by section 70 of these Regulations; and

(b) the expression SEC issuer has the meaning assigned to the expression SEC registrant by section 70 of these Regulations.

(1) The financial statements referred to in section 155 of the Act shall include at least

(a) a statement of financial position or a balance sheet;

(b) a statement of comprehensive income or an income statement;

(c) a statement of changes in equity or a statement of retained earnings; and

(d) a statement of cash flows or a statement of changes in financial position.

(2) Financial statements need not be designated by the names set out in paragraphs (1)(a) to (d).