(May 1 – 15:00 ET) – In an ongoing effort to monitor the accuracy of financial reporting by public companies, the OSC’s Continuous Disclosure Team will be conducting a targeted review of interim financial statements and interim management’s discussion and analysis.

The objective of the targeted review is to identify whether the disclosure of quarterly financial information is in accordance with new financial reporting rules issued by the OSC earlier this year. The rules are designed to improve disclosure of financial information by public companies.

The OSC says the review will focus primarily on financial statements and MD&A for the quarter ended March 3. These documents are due to be filed on or before May 30.

“In today’s marketplace quarterly reporting plays an increasingly important role in providing the public with timely information for purposes of making investment decisions,” said John Hughes, Manager of the OSC’s Continuous Disclosure Team.

“Monitoring the implementation of these financial reporting requirements is of the upmost importance given that they are designed to improve the content of quarterly reports and provide useful information to investors,” Hughes added.