IFRS Convergence - Calgary
Strategies and Solutions for a Seamless IFRS Transition
Conference: November 18 and 19, 2008
Workshops: November 20, 2008
NEW VENUE: Delta Bow Valley
Calgary, Alberta
Day One - IFRS Convergence - Calgary
Tuesday, November 18, 2008
| 8:30 - 9:00 |
Registration and Continental Breakfast |
8:30 - 9:00 |
9:00 - 9:10
Welcome and Opening Remarks from the Chair
Marilyn Kuntz, Partner, BDO Dunwoody LLP
9:10 - 10:10
Latest Updates from the Accounting Standards Board
Karen McCardle, Principal, Accounting Standards Board
- AcSB's plans for adoption of IFRS in 2011: understanding the timelines
- Overview of the AcSB's strategic plan
- What is currently required in 2008 and what changes for financial accounting and disclosures are expected
- Near-term and long-term implications for Canadian companies
- Highlights of new accounting standards and projects and how to prepare for them
- New international accounting standards on the horizon
- Specific issues of concern for oil and gas companies
- Latest information regarding the acceptance of IFRS filings by the SEC and the implications for Canadian companies
| 10:10 - 10:25 |
Networking Break |
10:10 - 10:25 |
10:25 - 11:15
Key Differences between Canadian GAAP and IFRS
Jason Kingshott, Partner, Assurance Services, Meyers Norris Penny LLP
- Overview of significant differences between Canadian GAAP and IFRS
- Areas to focus in prioritizing your conversion efforts
- High-level discussion of technical issues
- Future developments that will impact Canadian adopters by 2011
- Implications for U.S. filers
11:15 - 12:15
Road to Transition: A Look at IFRS 1 and Key Steps for First-Time Adoption
Marilyn Kuntz, Partner, BDO Dunwoody LLP
- 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
| 12:15 - 1:30 |
Luncheon Break |
12:15 - 1:30 |
1:30 - 2:30
Understanding New Standards for Business Combinations
Chris Courtland, Partner, Grant Thornton LLP
- Learn about revised standards for Business Combinations, including:
- review the approach to step acquisitions, bargain purchases and reverse acquisitions
- Changes in control as a major economic event, requiring re-measurement of interest to fair value at the time when control is achieved or lost
- Commentary on post-acquisition accounting for the consolidation and equity accounted for investees
| 2:30 - 2:45 |
Networking Break |
2:30 - 2:45 |
2:45 - 3:45
IFRS Implementation Process: A Step-by-Step Look at the Phases of Transistion to IFRS
Nitin Khare, Senior Manager - Western Region, Risk Advisory Services, BDO Dunwoody LLP
- Understanding the conversion process
- Planning and communication
- Phases of implementation
- Impact on internal controls
- Making it a process versus one-time project
- Lessons learned
3:45 - 4:45
Impact of IFRS Implementation on Systems and Resources
Bill Durrand, Partner, Risk Advisory Services, Ernst and Young LLP
- Implementation planning and challenges: what can be done in-house, and what requires outside experts
- Addressing potential impacts of IFRS conversion on your IT systems
- New systems alternatives to ensure a smooth transition
- Cost concerns
- Ensuring your employees receive training and education
- Assigning proper resources by management
- Tips for running parallel systems
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