Notice

General Ruling/Order 52-902 – US GAAP and US GAAS for SEC Issuers

On August 14, 2003, the Director of the Securities Division of the Saskatchewan Financial Services Commission made General Ruling/Order 52-901 US GAAP and US GAAS for SEC Issuers (“GRO 52-902”).   

GRO 52-901 grants exemptions from the provisions of section 117 of The Securities Regulations to issuers, who have registered securities with Securities and Exchange Commission of the United States.  Section 117 requires financial statements to be prepared in accordance with Canadian generally accepted accounting principles and every report by an auditor on financial statements to be prepared in accordance with Canadian generally accepted auditing standards. 

 GRO 52-902 is based on CSA Staff Notice 52-305, which sets out the terms on which CSA staff will recommend that issuers who must file with the SEC be exempted from the requirement to comply with Canadian GAAP and GAAS and instead comply with US GAAP and US GAAS.  GRO 52-902 is substantially similar to Blanket Order 52-508 issued by the British Columbia Securities Commission. 

August 14, 2003 

Contact:

Barbara Shourounis
Director
Securities Division
Saskatchewan Financial Services Commission
(306) 787-5842
bshourounis@sfsc.gov.sk.ca