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
Optional Workshop Program Agendas
Friday, August 28, 2009
9:00 - 12:00
Workshop One
Advanced Issues in IFRS Transition
Jason Kingshott, Assurance Services, Meyers Norris Penny LLP
This workshop will be an interactive discussion on how to operationalize the key points for beginning your IFRS conversion. Discussions will revolve around effective management of the transtion process. Participants are encouraged to discuss the challenges and successes of their own current conversion programs.
- Project structure: gaining senior management buy-in
- Systems and processes
- Resources
- Communication
- Training
1:00 - 4:00
Workshop Two
In-Depth Examination of IFRS Issues Specific to the Mining Industry
Allan Russell, Senior Manager, Ernst & Young LLP
The adoption of IFRS will have a significant impact on the preparation of financial statements for companies in all industries, but will create particular challenges for the mining sector. Often, IFRS provides little guidance for a number of mining-specific issues. This in-depth and interactive workshop will help provide guidance to mining companies implementing IFRS, as our facilitators share their experiences working with leading global mining companies.
- Specific application of IAS 16 (PP&E), IAS 36 (impairment) and IAS 37 (provisions) to the mining industry
- Property, plant, and equipment (IAS 16): elements of costs, components, and depreciation
- Impairment of assets (IAS 36): concepts of cash generating unit, recoverable amount, and applying the trigger test; other important standards will also be discussed
- Discussion of IFRS 6 and the IASB current projects relating to exploration and evaluation (E&E)
- Typical IFRS 1 exemptions used by mining companies
- Case studies of the impact on financial reporting of IFRS for global mining companies
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