IFRS and the mining industry

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14 Aug 2008

Publicly accountable entities in Canada are required to switch to IFRSs starting in 2011 (with an option to adopt IFRSs earlier, even in 2008, with approval of the Provincial securities regulator).

The transition from Canadian GAAP will be different for every company. However, particular industries will experience common themes and issues. Deloitte (Canada) has published IFRS and the Mining Industry: Top Ten Accounting Issues for Canadian Issuers in both English and French: This publication provides Deloitte's viewpoints on the following IFRS changeover issues in the mining industry:
  1. Impairment
  2. Mineral resources and property, plant and equipment
  3. Provisions and asset retirement obligations (including decommissioning and restoration costs)
  4. Business combinations, consolidation, and special purpose entities
  5. Joint ventures
  6. Borrowing costs
  7. Foreign currency
  8. Financial instruments
  9. Income taxes
  10. First-time adoption of IFRSs


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