Disclosure Review Programs 

In order to encourage high-quality financial reporting, the ASC conducts reviews of financial statements and other continuous disclosure of companies headquartered in Alberta. This is separate from its review of offering documents, and is aimed at information that companies provide on an ongoing basis.

The ASC conducts reviews of current disclosure documents, including:

• audited annual financial statements
• interim financial statements
• management discussion and analysis (MD&A)
• annual information forms (AIFs)
• material change reports
• press releases and other continuous disclosure

In their review, ASC staff identify recurring and significant deficiencies and ensure that companies and their professional advisors resolve any issues that arise. As these concerns are communicated to industry, the ASC anticipates that the quality of disclosure will continue to improve.

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