Acumen

IFRS IN CANADA
-Business Issues and Implementation Strategies

A Comprehensive Examination for Canadian Reporting Entities on First Time Adoption Of IFRS Standards and Related Operational Considerations

November 27-29, 2007 • InterContinental • Toronto

Day Two Agenda

9:00 a.m.- 9:10 a.m.
Opening Remarks from the Chair

Karen Higgins, Partner, Complex Accounting
& Transactions Expertise Group, Deloitte & Touche LLP

9:10 a.m. – 10:15 a.m.
Profile of an IFRS Conversion – A Project Management Approach

Clair Grindley, Senior Manager, Complex Accounting & Transactions Expertise Group, Deloitte & Touche LLP

Identifying management and operations groups that must be involved
Understanding the extent to which IFRS affects your organization
Identification of key differences under current GAAP and IFRS GAAP
Overview of timelines and extent of work required
Planning time commitments based on European experience: how long did it take?
How does the phase-in approach affect project planning?
Stages of the project
Structuring the project management team
Integration with SOX/MS 52-109 processes
Key challenges for
          -December, 2008
          -First time adoption
          -Ongoing compliance

10:15 a.m. – 11:15 a.m.
Fair Value Accounting: Understanding the Accounting Methodology of IFRS

Karen Higgins, Partner, Complex Accounting & Transactions Expertise Group, Deloitte & Touche LLP

Understanding the significance of fair value accounting
Explanation of the fair value hierarchy
Overview of valuation techniques
Fair value vs fair market value
Fair value issues to anticipate with IFRS convergence
Differences from recent developments in fair value measurement at CICA and FASB
Measuring fair value and related impairment issues
How does it interact with hedge accounting valuations?
Overview of fair value accounting issues for
          -financial instruments
          -employee stock options
          -mergers, acquisitions and divestitures
          -intangibles and asset impairment testing

11:15 a.m. – 11:30 a.m. – Morning Networking Break

11:30 a.m. – 12:15 p.m.
Impairment and Related Issues

Luzita Kennedy, Senior Manager, Complex Accounting & Transactions Expertise Group, Deloitte & Touche LLP

Discussion of the impairment model under IFRS
Measuring recoverable amount
Recognition of impairment loss
Identification of cash-generating unit
Determination of recoverable amount and carrying amount of cash-generating unit
Allocation of goodwill to the cash-generating unit
Allocation of impairment loss
Reversal of prior impairment losses
Basic differences between Canadian GAAP and IFRS relating to impairment

12:15 p.m. – 1:15 p.m. – Luncheon

1:15 p.m. – 2:15 p.m.
IFRS Compliance for Foreign Operations

Marilyn Stitt, Partner, IFRS Advisory Practice, KPMG LLP
Erin Taylor, Senior Manager, IFRS Advisory Practice, KPMG LLP

Overview of specific standards relating to international operations
International operations and transition issues to consider
          -international parent of a Canadian subsidiary uses IFRS           -subsidiaries of Canadian parent must use IFRS
         -operations conducted using multiple currencies
         -acquisitions and divestitures of foreign operations

Profile of specific issues to address for IFRS convergence
          -effects of changes in foreign exchange rates
          -hedge accounting
          -consolidated financial statements
          -translation of financial statements
          -investments in foreign operations
          -intra-company dividends
          -transfer pricing
          -group pension plans

First time adoption exemptions
Presentation and disclosure issues

2:15 p.m. – 3:30 p.m.
Tax Implications of IFRS

Pam Zabarylo, Senior Manager, Tax, KPMG LLP
Jie Liang, Senior Manager, Tax, KPMG LLP

IFRS impact on taxable profit vs. commercial profit, effective tax rate
Overview of tax accounting under IFRS
Impact of the IFRS uncertain tax test on calculating the tax provision
Transitional and outstanding differences to consider: Canada, U.S.
Anticipating increases in deferred tax
Review of tax implications for key IFRS standards including
-stock based compensation
-business combinations
-inventories
-leases
-property, plant and equipment
-revenue recognition
-employee benefits/pension plans
-changes in exchange rates
-financial instruments, derivatives and hedging
-impairment of assets
-intangible assets

Examples to illustrate tax treatment under IFRS

3:15 p.m. – 3:30 p.m. Afternoon Refreshment Break

3:30 p.m. – 4:15 p.m.
IFRS and Information Management: New Disclosures, New Measurements, Increased Tracking

Keith Matcham, Partner, Risk Advisory Services, Ernst & Young, LLP

Impact of IFRS on financial reporting systems
Profile of how new disclosures requirements affect information that must be collected and managed
Review of systems and information management issues encountered in IFRS adoption
Impact of fair value calculations on systems
-stock based compensation
-valuation modeling
-impairment testing
-tax calculations
-internal controls over financial reporting

End of Conference



	IFRS IN CANADA -Business Issues and Implementation Strategies A Comprehensive Examination for Canadian Reporting Entities on First Time Adoption Of IFRS Standards and Related Operational Considerations November 27-29, 2007 • InterContinental • Toronto Day Two Agenda 9:00 a.m.- 9:10 a.m. Opening Remarks from the Chair Karen Higgins, Partner, Complex Accounting & Transactions Expertise Group, Deloitte & Touche LLP 9:10 a.m. – 10:15 a.m. Profile of an IFRS Conversion – A Project Management Approach Clair Grindley, Senior Manager, Complex Accounting & Transactions Expertise Group, Deloitte & Touche LLP Identifying management and operations groups that must be involved Understanding the extent to which IFRS affects your organization Identification of key differences under current GAAP and IFRS GAAP Overview of timelines and extent of work required Planning time commitments based on European experience: how long did it take? How does the phase-in approach affect project planning? Stages of the project Structuring the project management team Integration with SOX/MS 52-109 processes Key challenges for -December, 2008 -First time adoption -Ongoing compliance 10:15 a.m. – 11:15 a.m. Fair Value Accounting: Understanding the Accounting Methodology of IFRS Karen Higgins, Partner, Complex Accounting & Transactions Expertise Group, Deloitte & Touche LLP Understanding the significance of fair value accounting Explanation of the fair value hierarchy Overview of valuation techniques Fair value vs fair market value Fair value issues to anticipate with IFRS convergence Differences from recent developments in fair value measurement at CICA and FASB Measuring fair value and related impairment issues How does it interact with hedge accounting valuations? Overview of fair value accounting issues for -financial instruments -employee stock options -mergers, acquisitions and divestitures -intangibles and asset impairment testing 11:15 a.m. – 11:30 a.m. – Morning Networking Break 11:30 a.m. – 12:15 p.m. Impairment and Related Issues Luzita Kennedy, Senior Manager, Complex Accounting & Transactions Expertise Group, Deloitte & Touche LLP Discussion of the impairment model under IFRS Measuring recoverable amount Recognition of impairment loss Identification of cash-generating unit Determination of recoverable amount and carrying amount of cash-generating unit Allocation of goodwill to the cash-generating unit Allocation of impairment loss Reversal of prior impairment losses Basic differences between Canadian GAAP and IFRS relating to impairment 12:15 p.m. – 1:15 p.m. – Luncheon 1:15 p.m. – 2:15 p.m. IFRS Compliance for Foreign Operations Marilyn Stitt, Partner, IFRS Advisory Practice, KPMG LLP Erin Taylor, Senior Manager, IFRS Advisory Practice, KPMG LLP Overview of specific standards relating to international operations International operations and transition issues to consider -international parent of a Canadian subsidiary uses IFRS -subsidiaries of Canadian parent must use IFRS -operations conducted using multiple currencies -acquisitions and divestitures of foreign operations Profile of specific issues to address for IFRS convergence -effects of changes in foreign exchange rates -hedge accounting -consolidated financial statements -translation of financial statements -investments in foreign operations -intra-company dividends -transfer pricing -group pension plans First time adoption exemptions Presentation and disclosure issues 2:15 p.m. – 3:30 p.m. Tax Implications of IFRS Pam Zabarylo, Senior Manager, Tax, KPMG LLP Jie Liang, Senior Manager, Tax, KPMG LLP IFRS impact on taxable profit vs. commercial profit, effective tax rate Overview of tax accounting under IFRS Impact of the IFRS uncertain tax test on calculating the tax provision Transitional and outstanding differences to consider: Canada, U.S. Anticipating increases in deferred tax Review of tax implications for key IFRS standards including -stock based compensation -business combinations -inventories -leases -property, plant and equipment -revenue recognition -employee benefits/pension plans -changes in exchange rates -financial instruments, derivatives and hedging -impairment of assets -intangible assets Examples to illustrate tax treatment under IFRS 3:15 p.m. – 3:30 p.m. Afternoon Refreshment Break 3:30 p.m. – 4:15 p.m. IFRS and Information Management: New Disclosures, New Measurements, Increased Tracking Keith Matcham, Partner, Risk Advisory Services, Ernst & Young, LLP Impact of IFRS on financial reporting systems Profile of how new disclosures requirements affect information that must be collected and managed Review of systems and information management issues encountered in IFRS adoption Impact of fair value calculations on systems -stock based compensation -valuation modeling -impairment testing -tax calculations -internal controls over financial reporting End of Conference