IFRS: Tackling Key Concerns for the Oil and Gas Industry
Get Expert Guidance and Learn Exactly What You Need to Know to Make an Effective Transition to IFRS
December 1 and 2, 2009
Optional Workshops: December 3, 2009
CALGARY, ALBERTA
Conference Program Agenda - Day One
Tuesday, December 1, 2009
| 8:00 - 9:00 |
Registration and Continental Breakfast |
8:00 - 9:00 |
9:00 - 9:30
Welcome and Keynote Address: Update from the Canadian Association of Petroleum Producers (CAPP)
Jeff Dashkin, IFRS Project Coordinator, Pengrowth Corporation; Chair, IFRS Committee, Canadian Association of Petroleum Producers (CAPP)
9:30 - 10:30
What's New? An IFRS Update from the Accounting Standards Board
Mark Walsh, Principal, Accounting Standards Board
- Update on the adoption of IFRS in Canada
- New standards to be issued by the IASB before 2011
- Other IASB projects to be aware of
| 10:30 - 10:45 |
Networking Break |
10:30 - 10:45 |
10:45 - 11:45
IFRS Implementation Process: Step by Step
Nitin Khare, Senior Manager, BDO Dunwoody LLP
- Understanding the conversion process
- Master planning and communication
- Navigating the phases of implementation
- Impact on internal controls
- Making it an ongoing process rather than a one-time project
- Lessons learned
11:45 - 12:45
Full Cost Accounting and IFRS 6 - Exploration for and the Evaluation of Mineral Resources: Differentiation, Application, and Assessment
Chris Courtland, Financial and Management Consultancy, and BoD Directorship Advisory, Chris Courtland Professional Corp.
- Future of full cost accounting
- IFRS 6 implications
- Disclosure requirements
- Practical guidance
| 12:45 - 1:45 |
Luncheon Break |
12:45 - 1:45 |
1:45 - 2:45
Defining and Identifying a Cash Generating Unit (CGU)
Mathew Kinver, Manager, Sunera Canada LLC
- Discussion of the definition of a cash generating unit
- How to identify a cash generating unit
- Examination of the various IFRS requirements for CGUs
| 2:45 - 3:00 |
Networking Break |
2:45 - 3:00 |
3:00 - 4:00
Dealing with Impairment of Assets
John Leavitt, Manager, BDO Dunwoody LLP
- Discussion of the impairment model under IFRS and its significance for oil and gas companies
- Impact of IAS 36
- Key differences between Canadian GAAP and IFRS relating to impairment
4:00 - 5:00
Understanding Asset Componentization and Depreciation, Depletion, and Amortization (DDA)
Jonathan Winn, Associate Partner, Hudson LLP
- Application of IAS 16 to reserve assets
- Application of IAS 16 to other oil and gas assets
- Issues raised by IAS 23 - Borrowing Costs
- Depletion of exploration and evaluation assets
- Impact of componentization on initial adoption of IFRS
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