CICA helps small issuers build a better MD&A

    TORONTO, Nov. 20 /CNW/ - Canada's Chartered Accountants are helping
smaller public companies maximize the usefulness of their disclosures to
    The Canadian Institute of Chartered Accountants (CICA) has developed a
special guide aimed at helping to enhance investor communications through
improved reporting. The guide urges companies to consider Management's
Discussion and Analysis (MD&A) as a key communications vehicle to investors
and not simply a regulatory compliance document.
    "In today's environment, investors turn to the MD&A to learn the story
behind the numbers," said Dave Pollard, CICA VP Knowledge Development. "A well
done MD&A provides the context investors need to better understand the
company's performance and prospects."
    The CICA document is an easy-to-follow "how to guide" offering many
practical suggestions for small public companies.
    "In an era when the bar is continually rising on the quality of corporate
disclosures, how a company reports to shareholders can have a major impact on
its reputation," said Pollard. "Clearly written, informative, and timely
disclosures can build investor confidence and management credibility and may
even reduce the cost of capital."
    The MD&A is a required filing that accompanies quarterly and annual
financial statements.
    The guide entitled "Building a Better MD&A - A Guide for Smaller
Issuers," follows the CICA's "Management Discussion and Analysis: Guidance on
Preparation and Disclosure," which offers more comprehensive guidance and is
geared to larger issuers. Although "Building a Better MD&A" is mainly directed
at smaller issuers, it may be useful to companies of any size. It can be found
on the CICA web site (

    The Canadian Institute of Chartered Accountants (CICA), together with the
provincial, territorial and Bermuda Institutes/Ordre of Chartered Accountants,
represents a membership of approximately 72,000 CAs and 10,000 students in
Canada and Bermuda. The CICA conducts research into current business issues
and supports the setting of accounting, auditing and assurance standards for
business, not-for-profit organizations and government. It issues guidance on
control and governance, publishes professional literature, develops continuing
education programs and represents the CA profession nationally and
internationally. CICA is a founding member of the International Federation of
Accountants (IFAC) and the Global Accounting Alliance (GAA).

For further information:

For further information: or to arrange an interview, contact: Tobin
Lambie, Manager, Media, CICA, (416) 204-3228,

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