Quarter-end financial communications guidance provided by Canada's CAs and CIRI

TORONTO, Jan. 13 /CNW/ - When preparing an earnings news release care needs to be taken to ensure that the information provided does not mislead investors or other readers.

Reporting issuers often prepare summarized financial communications, most commonly in the form of an earnings news release.  The Canadian Institute of Chartered Accountants (CICA) and the Canadian Investor Relations Institute (CIRI) have teamed up to produce a new publication that offers some brief observations to assist management in preparing its summarized financial communications.  The document is titled "Quarter-End Financial Communications - Content to Consider". 

"Earnings information is important and will often impact the market so both the good news and bad news for the reporting period should be addressed," said Chris Hicks, Principal, Guidance and Support, CICA.  "The joint CICA/CIRI document provides a useful framework for preparers to consider when developing an earnings news release."

Since a news release can never substitute for reading the entire reporting package, it works best when accompanied by the financial statements and management's discussion and analysis (MD&A). 

"A primary role of the investor relations professional is to ensure that significant changes to an organization's main priorities or objectives are clearly and fairly communicated to the capital markets in a timely manner," stressed Tom Enright, President and CEO, CIRI.  "An earnings news release is commonly used by analysts in advance of or in conjunction with quarterly earnings conference calls with issuers as it may help them formulate questions and ultimately frame the issues to be addressed in their own research notes to the Street." 

The joint publication is intended for use by both CFOs and investor relations officers.  It may also prove useful in helping management organize its MD&A to ensure that the key messages are clearly communicated.  The document can be found on the web sites of the CICA's Canadian Performance Reporting Board (www.cica.ca/cpr) and CIRI (http://www.ciri.org)

Chartered Accountants (CAs) are Canada's most valued, internationally recognized profession of leaders in senior management, advisory, financial, tax and assurance roles. Through their integrity, expertise, and internationally recognized qualification standards, Canada's 77,000 CAs sustain their influence and leadership position both in Canada and globally.  As trusted business advisors to Canadian organizations of all sizes, Canada's CAs foster confidence in Canadian business and contribute to the health and sustainability of Canada's capital markets and economy.  The Canadian Institute of Chartered Accountants (CICA) represents Canada's CA profession both nationally and internationally.  The CICA is a founding member of the International Federation of Accountants (IFAC) and the Global Accounting Alliance (GAA).

The Canadian Investor Relations Institute (CIRI) is a professional, not-for-profit association of executives responsible for communication between public corporations, investors and the financial community. CIRI contributes to the transparency and integrity of the Canadian capital market by advancing the practice of investor relations, the professional competency of its members and the stature of the profession. With four Chapters and 600 members across Canada, CIRI is the world's second largest society of investor relations professionals. More information is available at www.ciri.org

SOURCE Canadian Investor Relations Institute

For further information:

or to arrange an interview, contact:

Tobin Lambie, Media Manager
(416) 204-3228

Rejane Wilson
Senior Manager Communications & Professional Development, CIRI
(416) 364-8200

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Canadian Investor Relations Institute

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