Quarterly Reporting

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---
title: "Quarterly Reporting"
slug: about-quarterly-reporting
category: reports
last_edited: 2026-06-29
editor: woodfine-editorial
status: stable
short_description: "Interim reporting under NI 51-102: condensed IAS 34 financial statements and quarterly MD&A due within 45 days of each of the first three fiscal quarter-ends."
references:
  - id: 1
    text: "National Instrument 51-102 Continuous Disclosure Obligations. CSA, 2004 (as amended)."
  - id: 2
    text: "IAS 34 Interim Financial Reporting. IASB."
---

Canadian [[regulated-reporting-entity|reporting issuers]] subject to [[about-disclosure-obligations|NI 51-102]] are required to file interim financial
statements and a quarterly Management's Discussion and Analysis (MD&A) for each of the first
three fiscal quarters. The quarterly reporting cycle is distinct from the annual cycle in
both the financial statement standard applied and the deadline applicable to the filing.

## Interim financial statements

Quarterly financial statements filed under NI 51-102 are prepared in accordance with IAS 34
Interim Financial Reporting rather than the full IFRS standards applied to annual statements.[^2]
IAS 34 permits a condensed format that includes:

- A condensed statement of financial position
- A condensed statement of comprehensive income for the quarter and the year-to-date period,
  each with comparative prior-year figures
- A condensed statement of changes in equity
- A condensed statement of cash flows
- Selected explanatory notes

The selected notes required under IAS 34 are materially narrower than annual note disclosure:
they must explain events and transactions significant to the current quarter but need not
reproduce the full accounting policy disclosures included in annual statements.

## Quarterly MD&A requirements

The quarterly MD&A operates under the same Form 51-102F1 framework as the annual MD&A, but
with a materially reduced disclosure scope commensurate with the interim period. Required
elements include:

- **Results of operations** — discussion of the current quarter and year-to-date results
  compared to the prior-year comparative periods
- **Liquidity and capital resources** — analysis of current period cash flows and significant
  changes in liquidity position
- **Off-balance-sheet arrangements** — updated disclosure of any [[about-material-change-reporting|material changes]] since the
  most recent annual MD&A
- **Transactions with related parties** — complete disclosure of transactions not already
  disclosed in the financial statements
- **Proposed transactions** — disclosure of any significant acquisitions or dispositions not
  yet completed but publicly announced

For real estate entities, the quarterly MD&A typically addresses:

- Portfolio occupancy and rental rate trends
- Fair value movements in investment property
- Capital expenditure on existing portfolio
- [[debt-service-and-financing-structure|Debt maturity profile]] and interest rate exposure
- Any material changes in the [[direct-hold-solutions-structural-comparison|direct-hold portfolio structure]]

## Filing deadlines

Non-venture reporting issuers must file quarterly financial statements and MD&A within **45
calendar days** of the end of each of the first three fiscal quarters.[^1] The fourth-quarter
financial reporting is replaced by the annual financial statements filed within the 90-day
annual deadline. Venture issuers have **60 calendar days** for quarterly filings.

All interim filings are made through SEDAR+ and are publicly accessible upon filing.

## See also

- [[about-annual-reporting-cycle]] — the annual reporting obligations that complete the
  fiscal year cycle
- [[about-material-change-reporting]] — the event-driven disclosure triggered by
  material changes between reporting dates
- [[about-filing-systems]] — the electronic filing system requirements