2009-01-06 AMF Continuous Disclosure Review Program 2008 Report

This Newsletter contains the Autorité des marchés financiers’ 2007-2008 report on its Continuous Disclosure Review Program.

The Autorité des marchés financiers (AMF) has issued its report from its Continuous Disclosure Review Program covering the period from April 1, 2007 to March 31, 2008, including, for the first time, the findings of reviews carried out on investment funds. The report describes areas of accounting or financial reporting deficiencies commonly identified by staff members and provides commentary on a range of other disclosure matters. The report also highlighted measures undertaken by the AMF, together with other CSA members, in response to the liquidity crisis.

The main areas where accounting and disclosure deficiencies were identified include:

• Financial statements of companies, as regards compliance with GAAP. Notably:
  • Financial instruments (measurement and disclosure)
  • Stock-based compensation
  • Cash flow statements (such as offsetting of certain transactions and non-monetary transactions)
  • Segment disclosures
  • Interim financial statements (for instance the impact of seasonal or cyclical nature of operations and newly adopted accounting policies)
  • Related party transactions
  • Disclosure of asset-backed commercial paper measurement technique
• MD&A, notably:
  • Quantification of factors having given rise to changes in revenues
  • Discussion on gross profit and causes of changes
  • Discussion on the company's liquidity position and needs in the short and long term
  • Incomplete disclosure of related party transactions
• Annual information form or the information circular as regards disclosure about corporate governance practices and the audit committee
• Financial statements of investment funds, as regards compliance with Parts 2 and 3 of Regulation 81-106
• Annual and interim management reports of fund performance

A copy of the full report is attached below, and can also be accessed at the Autorité des marches financiers website: 2008 Continuous Disclosure Review Program

	2009-01-06 AMF Continuous Disclosure Review Program 2008 Report (634 KB) Download the full PDF report.

Questions regarding this Newsletter can be addressed to Martin Boucher, Michel Charbonneau, David Clément, or anyone in R&Q.