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 Two
Wednesday, August 20, 2008
| 8:00 - 9:00 |
Continental Breakfast |
8:00 - 8:30 |
9:00 - 9:10
Welcome and Opening Remarks from the Chair
Ken Mckay, Partner, KPMG Global Mining Group
9:10 - 10:10
Costs of Abandoning Mines: Rehabilitation Provisions
- Accounting for asset retirement obligations: costs related to decommissioning and the legal obligations to restore land
- Recognizing provisions for decommissioning and restoration: differences between IFRS and Canadian GAAP
- Reporting unrecoverable expenses and disclosing liabilities
- Interpreting and applying the standards
| 10:10 - 10:30 |
Networking Break |
10:10 - 10:30 |
10:30 - 11:30
Developing an Effective Implementation Plan for Your Mining Company
Bill Murphy, Partner, KPMG Canada
- Starting points for conversion
- How to incorporate the IFRS conversion into your
- internal and external communications
- MD&A and financial reporting documentation
- investor relations
- internal controls
- financial statements
- Practical advice on IFRS implementation
- Strategies used by those who have already implemented IFRS
- Challenges during the conversion period
- Sustainable IFRS reporting
11:30 - 12:30
IFRS 6: Exploration for and Evaluation of Mineral Resources
Dan Ricica, Manager, KPMG Global Mining Group
- Expected impact of IFRS 6 to Canadian mining companies
- Impairment and testing of exploration and evaluation (E&E) costs
- Accounting for pre-exploration and post-exploration costs and development expenditures
| 12:30 - 1:45 |
Luncheon Break |
1Q:QQ - 1:QQ |
1:45 - 2:45
Business Combinations: Key Issues Explained
Kate Ward, Principal, Canadian Accounting Standards Board
- Canadian approach to the new business combinations standards
- Post-acquisition accounting including consolidation and changes to non-controlling interests
- Accounting for other ownership interests
| 2:45 - 3:00 |
Networking Break |
2:45 - 3:00 |
3:00 - 4:00
Impairment of Assets: Effectively Working with the IFRS Standard
Dave Oldham, Senior Manager, KPMG Global Mining Group
- Understand the impairment testing model under IFRS
- Discover the differences between Canadian GAAP
- Realize key areas that will affect you the most
4:00 - 5:00
Preparing for the Future: IASB's Projects on Extractive Activity
Mark Walsh, Principal, Canadian Accounting Standards Board
- How this project will change accounting for mining companies -- and when?
- What will be capitalized? What will be expensed?
- Will mineral assets be measured at cost or fair value?
- Disclosures
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