IOSCO issues: Final statement on non-GAAP financial measures

The International Organization of Securities Commissions (IOSCO) has finalised its guidance setting out IOSCO’s expectations for issuers with respect to the presentation of financial measures other than those prescribed by Generally Accepted Accounting Principles (GAAP), so called ‘non-GAAP financial measures’.

The IOSCO guidance is contained in the Statement on Non-GAAP Financial Measures, which sets out IOSCO’s expectations for the presentation of such measures by issuers, including that sufficient information should accompanying non-GAAP financial measures to aid in their understanding and that the measures should be presented transparently and with disclosure of how they are calculated.

The statement provides specific expectations in the following broad categories:

Defining the non-GAAP financial measure. This encompasses providing a clear explanation of the basis of calculation, clearly labelling measures such that they are distinguished from GAAP measures, explaining why the measures are useful, and explicitly stating the non-GAAP measure does not have a standardised meaning and may not be comparable between entities.

Unbiased purpose. This requires that non-GAAP financial measures should not be used to avoid presenting adverse information to the market.

Prominence of GAAP measures versus non-GAAP financial measuress. Non-GAAP measures and their most directly comparable GAAP measures should be presented with equal prominence, or the GAAP measure given greater prominence, and non-GAAP measures should not in any way confuse or obscure the presentation of GAAP measures.

Reconciliation to comparable GAAP measures. Reconciliations should be provided between non-GAAP financial measures and their most directly comparable GAAP measure presented in the financial statements, with adjustments explained and reconcilable to the financial statements or information about how they are calculated provided.

Presentation of non-GAAP financial measures consistently over time. Measures should generally remain consistent from period to period, include comparative information, with any changes in composition explained and also reflected in comparative information and discontinued use of a non-GAAP measure sufficiently motivated.

Recurring items. Items that are reasonably likely to affect past and future periods, such as restructuring costs and impairment losses, should not be described as non-recurring, infrequent or unusual.

Access to associated information. The information that issuers provide regarding non-GAAP financial measures should be readily and easily accessible to third parties.

The statement is intended to be used by entities applying International Financial Reporting Standards (IFRSs) and other accounting principles.


Mossack Fonseca Charity Committee hace entrega de Canastas


Con un viajé organizado por el Charity Committee que dió inicio a las 3am del viernes 11 de diciembre desde las oficinas principales de Mossack Fonseca, un grupo de voluntarios junto amigos y familiares partieron rumbo a la provincia de Veraguas, a la comunidad de Llano Largo, para hacer entrega de las tradicionales canastas navideñas que une a toda la familia Mossack Fonseca en una causa social con los mas necesitados.

A pesar de las altas temperaturas y el esfuerzo físico, la recompensa de ver la alegría reflejada en los rostros de tantas familias no tiene precio. Por esas horas que compartimos con ellos entre las entregas de sendas canastas de alimentos, regalos, juegos infantiles y bazar; que luego culminó con un bien merecido almuerzo, delicioso sanchocho con gallina de patio y arroz blanco hechos a fogón de leña.

Agradecemos a todos los departamentos y personas quienes estuvieron involucrados en la organización y coordinación durante meses para lograr que fuera nuevamente una entrega exitosa.

U.S. Boiler Company Report – August 2015

U.S. Boiler Company Report - August 2015

US Boiler Report – August 2015

What’s so special about August and the USBR?! As the heating season approaches, let us prepare you with helpful HVAC tips and insight!

  • Announcing our NEW fall promotion! YES. We want to put cash back in your pocket!
  • Familiarize yourself with polypropylene for high-efficiency venting.
  • Read about useful tips for doing things differently to be a better service provider.
  • Learn how to install our NEW Wireless Outdoor Reset!
  • Discover how Innovative Design Systems, from central Colorado, fought eight feet of snow to install a K2 boiler at 9,953 feet above sea level!

So basically… Sit back, relax, and enjoy!

U.S. Boiler Company

CLICK HERE to read our interactive issue of the USBR. This version contains a hot link to our NEW fall promotion!

CLICK HERE for a low res PDF version.

Westward Parts Warehouse Locations


6517 – 67 Street

Red Deer, Alberta T4P 1A3

Phone (403) 347-2200

Fax (403) 342-7098

E-mail Contact:


201 Henderson Drive

Regina, Saskatchewan S4N 7E2

Phone (306) 721-2113

Fax (306) 721-2977

E-mail Contact:


1435 St. James Street

Winnipeg, Manitoba R3H 0W9

Phone (204) 697-2444

Fax (204) 697-4888

E-mail Contact:

Westward Parts Services LTD

In the 1960’s, Al Harris, then a farm equipment dealer, saw the need for a specialized agricultural parts service in Western Canada. Although a number of quality “short-line” manufacturers were represented in the Canadian West, they were unable to provide adequate parts service, an important factor in providing service to agriculture.

In 1970, Al started a service for Alberta dealers, and in February of 1973, Westward Parts Services Ltd. was incorporated as a separate business. A Regina warehouse was opened in February of 1974. Westward Parts soon expanded to serve Manitoba and British Columbia dealers, and then Eastern Canadian dealers and distributors. Although Al has passed away, Westward Parts remains a 100% Canadian owned private corporation.

Late in 1992, Westward Parts acquired most of the inventory and assets of City Machinery Limited, a large Winnipeg industrial distributor. Westward Parts is now supplying bearings, power transmission products, tools, components, and general industrial supplies to a large number of industrial and commercial customers.

Since its establishment, Westward Parts has grown steadily and can now supply the largest selection of “all makes parts and power transmission products” in Canada. Westward Parts is Western Canada’s leading agricultural distributor, supplying almost all the region’s farm equipment dealers, and other farm parts retailers. Westward Parts continues to provide an authorized original parts distribution service for several quality farm equipment manufacturers.

Westward Parts also manufactures and distributes accessories, attachments and small equipment, and supplies specialized items to Original Equipment Manufacturers. Westward Parts growth has been accomplished by aggressively pursuing manufacturers, the world over, that can supply us with top quality products at competitive prices. Westward Parts has enjoyed long continuous relationships with its suppliers.

With our warehouses in Red Deer, Alberta; Regina, Saskatchewan; and Winnipeg, Manitoba, Westward Parts is equipped to provide effective service at competitive prices to all customers. Westward Parts’ objective has always been efficient service to Canadian farmers and acreage owners. Westward Parts supplies a wide selection of affordable quality products with superior customer service.