IFRS Implementation for Mining
Solutions to Specific Challenges Facing the Mining Industry during the Transition to New Accounting Standards
Conference: November 25 and 26, 2008
Optional Workshops: November 27, 2008
Vancouver, British Columbia
Conference Program Agenda - Day One
Tuesday, November 25, 2008
| 8:00 - 9:00 |
Registration and Continental Breakfast |
8:00 - 9:00 |
9:00 - 9:10
Welcome and Opening Remarks from the Chair
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
CSA Regulatory Update
Carla-Marie Hait, Chief Accountant, British Columbia Securities Commission
- Disclosure of expected changes relating to the changeover to IFRS
- Adoption of IFRS before 2011
- New regulations for 2008/2009
11:30 - 12:30
IFRS Implementation Process
Nitin Khare, Senior Manager, Risk Advisory Services, BDO Dunwoody LLP
- Conversion process
- Planning and communication
- Phases of implementation
- Impact on internal controls
- Marking it a process versus a one-time project
- Lessons learned
| 12:30 - 1:45 |
Luncheon Break |
12:30 - 1:45 |
1:45 - 2:45
Road to Transition: Exploring IFRS 1 Exemptions Used by Mining Companies
Gareth Withers, Manager, Assurance and Advisory Business Services, Ernst & Young 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
| 2:45 - 3:00 |
Networking Break |
2:45 - 3:00 |
3:00 - 4:00
Property, Plant, and Equipment: How to Break Them Down
Jim Bennett, Audit Partner, KPMG LLP
- 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 Foster, Senior Manager, Financial Services Group, PricewaterhouseCoopers LLP
- 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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