BIG GAAP LITTLE GAAP

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BIG GAAP / LITTLE GAAP

• Accounting Standards Oversight Council
• Hyatt Regency ,Calgary Alberta
• May 14, 2004
• CANADIAN LISTED COMPANY ASSOCIATION
• Don Gordon
• Executive Director

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What is the CLCA?

• Formed in 1998
• 400 TSX Venture Exchange Issuers are members
• Board of Directors represent BC,AB, ON
• Advocates on behalf of public companies re
  policy and commission issues.
• Provides Educational forums, newsletters
• LCA website www.lcaca.com .

CLCA
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ACTIVITIES OF THE CLCA

• Comment and opinion letters from Issuers
• Plain English newsletter
• Conduct surveys targeted for the public company
  perspective
• Participate in cost benefit studies
• Educational forums.
• www.lcaca.com

CLCA
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CLCA PERSPECTIVE

• Two Tier System TSE (now TSX) grade and TSX
  Venture grade
• Acknowledge Unique Canadian Market
• Achieve appropriate vs. Less regulation
• Cost Effective and Plain English Regulation
• Empirical Cost Benefit analysis

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NEW RULES

• Multilateral Instrument 58-101 Disclosure of
  Corporate Governance Practices
• Multilateral Policy 58-201 Effective Corporate
  Governance
• Multilateral Instrument 52-110 Audit Committees
• Multilateral Instrument 52-109 Certification of
  Disclosure
• National Instrument 52-108 Auditor Oversight
• National Instrument 52-102 Continuous Disclosure

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LISTING COMPARISON000s
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REGION EXCHANGE
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INDUSTRY BY REGION
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SIZE DISTRIBUTION
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COMPANIES BY REVENUE
Trailing 12-month revenue as of August 26, 2003
(after NEX). Source Bloomberg.
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GRADUATES
13
47
26
81
Compiled by TSX Group Research Services, as of
March 2004
12
78 YTD 03 Grads Have Institutional Investors
Oil Gas
Mining
Avg. Institutional Shareholders 6.4 Avg.
Analysts 1.4
Avg. Institutional Shareholders 7.4 Avg.
Analysts 3.3
Technology
Total 37 Graduates
Avg. Institutional Shareholders 3 Avg.
Analysts 0.5
Other
Biotech
Avg. Institutional Shareholders 3 Avg.
Analysts 1
Avg. Institutional Shareholders 4.5 Avg.
Analysts 0
Sources IR Channel, Bloomberg and TSX Group
Research Services ( as of Sep 30, 2003)
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VENTURE CAPITAL
All figures in CDN Billions
Sources TSX Venture Exchange Macdonald
Associates Compiled by TSX Research Services, as
of December 2003