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 Two
Wednesday, November 26, 2008
| 8:00 - 9:00 |
Continental Breakfast |
8:00 - 9:00 |
9:00 - 9:10
Opening Remarks from the Chair
9:10 - 10:10
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
| 10:10 - 10:30 |
Networking Break |
10:10 - 10:30 |
10:30 - 11:30
Understanding the Major Differences between IFRS and Canadian GAAP for Mining Companies
Darren Downs, Senior Manager, Vancouver IFRS Leader, Ernst & Young LLP
- 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
11:30 - 12:30
IFRS 6: Exploration for and Evaluation of Mineral Resources
Philippa Wilshaw, Audit Partner, KPMG LLP
- Expected impact of IFRS 6 on 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 |
12:30 - 1:45 |
1:45 - 2:45
Business Combinations
Herbert Wong, Senior Manager, Deloitte & Touche
- 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
Olga Kusnetsova, Audit Manager, KPMG LLP
- Understand the impairment testing model under IFRS
- Discover the differences between Canadian GAAP
- Key areas that will affect you the most
4:00 - 5:00
Costs of Abandoning Mines: Rehabilitation Provisions
Glenn Ives, Partner, Deloitte & Touche
- 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
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