|Effective Date||March 1, 2015|
|Author/Maintainer||Director, Accounting and Corporate Reporting|
|Responsibility/Owner||Vice-President and Chief Financial Officer|
|Related to Rules and Procedures, Guidelines||Rules and Procedures on external financial statements|
|Related to Policy||Policy on Accounting and Financial Reporting|
|The objective of this Directive is to ensure consistency across the Corporation regarding the use of additional IFRS measures and non-IFRS financial measures.|
|Audience||Accounting and Corporate Reporting personnel|
|Processes||Documentation of Additional IFRS Measures and Non-IFRS Financial Measures|
Additional IFRS Measure: A line item, heading, subtotal, or measure in the notes to an external financial statement that is relevant to understanding the financial statement but is not specifically mandated by IFRS.
Non-IFRS Financial Measure: A numerical measure of financial performance, financial position or cash flow that does not meet the criteria for separate presentation in the financial statements, and that either excludes amounts included or includes amounts excluded, from the most directly comparable measure presented in accordance with IFRS.
- The Vice-President and Chief Financial Officer must approve the use of additional IFRS measures.
- The Vice-President and Chief Financial Officer must approve the use of non-IFRS financial measures.
- The Corporation may elect to use a non-IFRS financial measure in Management’s Discussion & Analysis (MD&A) within the quarterly and annual reports, and press releases to present specific financial information. When non-IFRS financial measures are used, the Corporation must:
- Clearly define the non-IFRS financial measure and explain any differences in composition from period to period.
- State explicitly that the non-IFRS financial measure does not have a standardized meaning and is unlikely to be comparable to similar measures presented by other Corporations.
- Present with equal or greater prominence the most directly comparable measure calculated in accordance with IFRS, as presented in the financial statements.
- Explain why this measure provides useful information and the additional purpose for which it is used by management.
- Provide a clear quantitative reconciliation from the non-IFRS financial measure to the most directly comparable measure under IFRS, as presented in the financial statements, with reference from the non-IFRS financial measure to the reconciliation.
All questions pertaining to the interpretation or application of this Directive should be referred to the Director, Accounting and Corporate Reporting.