The applicants, Caribbean Utilities Company, Ltd., FortisAlberta Inc., and Newfoundland Power Inc., applied to the Ontario Securities Commission for exemptive relief from the requirement under section 3.2 of National Instrument 52-107 to prepare their financial statements in accordance with Canadian GAAP.
The applicants sought to continue preparing their financial statements in accordance with U.S. GAAP due to their rate-regulated activities and the pending implementation of a new IFRS standard for such activities.
The Principal Regulator granted the exemption, allowing the applicants to use U.S. GAAP until the earlier of January 1, 2032, the cessation of their rate-regulated activities, or the effective date of the new IFRS standard.
