Canada Securities Regulators Update Financial Disclosures

The Canadian Securities Administrators have finalized updates to National Instrument 52-112 to align with new IFRS 18 standards.

Updated on Oct. 15, 2026 in Corporate Finance

Isometric editorial illustration featuring a complex geometric construction of brass and steel beams, representing Canadian financial regulatory disclosure standards. — The Canadian Securities Administrators have finalized updates to National Instrument 52-112, formalizing disclosure requirements to maintain reporting standards under IFRS 18. AI Illustration. Upload story photo >

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The Canadian Securities Administrators published final amendments to National Instrument 52-112, establishing new rules for management-defined performance measures. These changes ensure consistency with IFRS 18 accounting standards, which require specific disclosures for financial statement notes.

Why it matters

These amendments ensure that performance measures previously regulated under NI 52-112 remain subject to oversight after the adoption of IFRS 18. By formalizing disclosure requirements, the updates maintain reporting standards and consistency across Canadian capital markets.

The updates specifically concern National Instrument 52-112 and align with the IFRS 18 standard. These adjustments require that additional subtotals presented outside of formal statements be displayed no more prominently than those required by IFRS.

The players

Canadian Securities Administrators

This is an umbrella organization for Canada's provincial and territorial securities regulators that develops harmonized policies for the national capital market.

The details

The regulatory changes allow firms to incorporate information by reference to relevant financial statement notes, reducing documentation duplication. Additionally, issuers must now strictly adhere to prominence requirements when disclosing performance metrics that fall outside of standard IFRS totals.

Consultations for the amendments were launched in November 2025.
The final amendments were officially published on October 15, 2026.
The new regulatory requirements come into force on December 29, 2026.
IFRS 18 standards take effect for reporting periods beginning on or after January 1, 2027.

Market Dynamics

These amendments align Canadian financial reporting with the global IFRS 18 framework, bridging the gap between national regulatory instruments and international accounting standards. This shift represents a broader movement toward standardized financial transparency in the Canadian capital market.

These changes improve reporting consistency, allowing investors to more easily compare financial performance across different companies. Retail and institutional investors can expect more uniform presentation of performance measures, making it simpler to evaluate management-defined figures.

The takeaway

The move to update NI 52-112 ensures that Canadian accounting practices remain robust alongside global updates. Investors should keep an eye on financial statements starting in 2027 to see how these new prominence requirements change the way performance subtotals are reported.