IFRS Implementation for the Mining Industry
Examining the specific accounting and GAAP implications of the IFRS transition for the mining industry
Conference: August 26 and 27, 2009
Optional Workshops: August 28, 2009
Delta Vancouver Suites Hotel
VANCOUVER, BRITISH COLUMBIA
Conference Program Agenda - Day One
Wednesday, August 26, 2009
| 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
CSA Regulatory Update
Carla-Marie Hait, Chief Accountant, British Columbia Securities Commission
- Disclosure of expected changes relating to changeover to IFRS
- Adoption of IFRS before 2011
- New regulations for 2009/2010
| 10:10 - 10:30 |
Networking Break |
10:10 - 10:30 |
10:30 - 11:30
IFRS Convergence and Recent Developments in Canadian and International Accounting Standards
Mark Walsh, Principal, Accounting Standards Board of Canada
- Update on the AcSB's strategies for public and private companies
- New and upcoming IFRS standards: implications for your adoption of IFRS
- Implications of adopting IFRS: how will this affect your company
11:30 - 12:30
CICA Guidance on MD&A Preparation and Disclosure for IFRS
John Bunting, Partner, BC IFRS Leader, PricewaterhouseCoopers LLP
- MD&A challenges presented by IFRS
- Communications about changeover plan
- Communications about impact of conversion on financial reporting
| 12:30 - 1:30 |
Luncheon Break |
12:30 - 1:30 |
1:30 - 2:30
Road to Transition: Exploration of IFRS 1 Exemptions Used by Mining Companies
Jason Kingshott, Assurance Services, Meyers Norris Penny 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
| 2:30 - 2:45 |
Networking Break |
2:30 - 2:45 |
2:45 - 4:00
Property, Plant and Equipment: How to Break Them Down
Representative, Ernst & Young 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/industries?
- Other considerations of depreciation:commencement date, useful life, residual value, and depreciation method
4:00 - 5:00
Accounting for Commodities: Financial Instruments and Hedging
Robert Marsh, Partner, 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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