IFRS Implementation for Mining
Meeting Industry-Specific Accounting and Reporting Obligations for the Transition to IFRS
Conference: August 19 and 20, 2008
Optional Workshops: August 21, 2008
Novotel Toronto Centre Hotel · Toronto, Ontario
Conference Program Agenda - Day One
Tuesday, August 19, 2008
| 8:00 - 9:00 |
Registration and Continental Breakfast |
8:QQ - Q:QQ |
9:00 - 9:10
Welcome and Opening Remarks from the Chair
Ken Mckay, Partner, KPMG Global Mining Group
9:10 - 10:10
IFRS Convergence and Recent Developments in Canadian Accounting Standards
Mark Walsh, Principal, Canadian Accounting Standards Board
- Update on the AcSB's strategies for public and private companies
- Implications of adopting IFRS: how this will affect your company
- New AcSB standards and how to prepare for them
- Emerging Issues Committee (EIC) activities and new abstracts
| 10:10 - 10:30 |
Networking Break |
10:10 - 10:30 |
10:30 - 11:30
OSC Update: What IFRS Means for Securities Regulation
Rick Whiler, Senior Accountant, Corporate Finance Branch, Ontario Securities Commision
Claire Prodger, Senior Accountant, Office of the Chief Accountant, Ontario Securities Commission
- Discussion of OSC Concept Paper 52402
- early adoption of IFRS
- continued use of U.S. GAAP for SEC filers
- comparing Canadian GAAP and IFRS as issued by the IASB
- Discussion of OSC Disclosure Notice 52320
- requirements for interim and annual MD&A disclosure in the three years leading up to the transition to IFRS
11:30 - 12:30
Understanding the Major Differences between IFRS and Canadian GAAP for Mining Companies
Ken McKay, Partner, KPMG Global Mining Group
- Overview of significant differences between IFRS and Canadian GAAP
- Identifying areas of focus for prioritization of conversion efforts (areas that will cause the most headaches)
- Future IFRS developments that will impact Canadian adopters by 2011
| 12:30 - 1:45 |
Luncheon |
12:30 - 1:45 |
1:45 - 2:45
Road to Transition: Exploring IFRS 1 Exemptions Used by Mining Companies
Gabriela Kegalj, Associate Partner, KPMG Professional Practice Group
- Overview of IFRS 1 for first-time adopters
- Impact on the opening balance sheet and comparative periods presented
- Clarification of limited exceptions available on initial adoption
- Disclosures to explain the transition from previous GAAP to IFRS
- Key areas that may be impacted by initial adoption
| 2:45 - 3:00 |
Networking Break |
Q:QQ - Q:QQ |
3:00 - 4:00
Property, Plant and Equipment: How to Break it Down
Terng Chen, Associate Partner, Deloitte & Touche LLP- GTA
Ugur Kumru, Senior Manager, Deloitte & Touche LLP- GTA
- Significant components of property, plant, and equipment: what are they?
- Why the identification of different components is important for calculating depreciation
- How an entity will identify significant components: how detailed should the analysis be?
- Examples for determining significant parts of an item
- How significant will the effect be on entities and industries?
- Other considerations of depreciation:
- commencement date
- useful life
- residual value
- depreciation method
4:00 - 5:00
Accounting for Commodities: Financial Instruments and Hedging
Will Stephen, Partner, KPMG Global Mining Group
- Overview of major differences between IFRS and Canadian GAAP
- Discussion of financial instruments typically seen in mining companies
- Key items which must be addressed prior to conversion
- Financial instrument disclosures within IFRS financial statements
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