103 (1) There shall be stated by way of note to the financial statement particulars of any change in accounting principle or practice or in the method of applying any accounting principle or practice made during the period covered that affects the comparability of any of the statements with any of those for the preceding period, and the effect, if material, of any such change upon the profit or loss for the period. Change in accounting practice (2) For the purpose of subsection (1), a change in accounting principle or practice or in the method of applying any accounting principle or practice affects the comparability of a statement with that for the preceding period, even though it did not have a material effect upon the profit or loss for the period. Idem (3) Where applicable, the following matters shall be referred to in the financial statement or by way of note thereto: 1.  The basis of conversion of amounts from currencies other than the currency in which the financial statement is expressed. 2.  Foreign currency restrictions that affect the assets of the company. 3.  Contractual obligations that will require abnormal expenditures in relation to the company’s normal business requirements or financial position or that are likely to involve losses not provided for in the accounts. 4.  Material contractual obligations in respect of long-term leases, including, in the year in which the transaction was effected, the principal details of any sale and lease transaction. 5.  Contingent liabilities, stating their nature and, where practicable, the approximate amounts involved. 6.  Any liability secured otherwise than by operation of law on any asset of the company, stating the liability so secured. 7.  Any default of the company in principal, interest, sinking fund or redemption provisions with respect to any issue of its securities or credit agreements. 8.  The gross amount of arrears of dividends on any class of shares and the date to which such dividends were last paid. 9.  Where a company has contracted to issue shares or has given an option to purchase shares, the class and number of shares affected, the price and the date for issue of the shares or exercise of the option. 10.  The aggregate direct remuneration paid or payable by the company and its subsidiaries whose financial statements are consolidated with those of the company to the directors, and the senior officers as defined in subsection 72 (1), of the company and, as a separate amount, the aggregate direct remuneration paid or payable to such directors and senior officers by the subsidiaries of the company whose financial statements are not consolidated with those of the company. 11.  In the case of a holding company, the aggregate of any shares in, and the aggregate of any securities of, the holding company held by subsidiary companies whose financial statements are not consolidated with that of the holding company. 12.  The amount of any loans by the company, or by a subsidiary company, otherwise than in the ordinary course of business, during the company’s financial period, to the directors or officers of the company. 13.  Any restriction by the letters patent, supplementary letters patent or by-laws of the company or by contract on the payment of dividends that is significant in the light of the company’s financial position. 14.  Any event or transaction, other than one in the normal course of business operations, between the date to which the financial statement is made up and the date of the auditor’s report thereon that materially affects the financial statement. 15.  In the case of a public company, the amount of any obligation for pension benefits arising from service prior to the date of the balance sheet, whether or not such obligation has been provided for in the accounts of the company, the manner in which the company proposes to satisfy such obligation and the basis on which it has charged or proposes to charge the related costs against operations. Idem (4) A note to a financial statement is a part of it.  R.S.O. 1990, c. C.38, s. 103.