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Future accounting changes
Credit Risk and the Fair Value of Financial Assets and Financial Liabilities
In January 2009, the CICA's Emerging Issues Committee (EIC) released abstract EIC-173 entitled "Credit Risk and the Fair Value of Financial Assets
and Financial Liabilities" which clarifies whether an entity's own credit risk and the credit risk of the counterparty should be taken into account in
determining the fair value of financial assets and financial liabilities. EIC-173 should be applied retrospectively without restatement of prior period
financial statements, to all financial assets and liabilities measured at fair value in interim and annual financial statements for periods ending on or
after the issuing date of this abstract. The Company's adoption of the accounting treatment provisions of EIC-173 in determining the fair value of
financial instruments had no significant impact on the Company's financial situation and cash flows.
Goodwill and intangible assets
In February 2008, the CICA released new Section 3064, "Goodwill and Intangible Assets" to replace Section 3062, "Goodwill and Intangible Assets".
Due to the release of this new Handbook section, Section 3450, "Research and Development Costs" as well as Emerging Issues Abstract EIC-27,
"Revenues and Expenditures During the Pre-operating Period" were withdrawn. Certain amendments were also made to Section 1000, "Financial
Concepts" AcG 11 "Stage" ACCOUNTING CHANGES (Continued)
International Financial Reporting Standards
In February 2008, the Canadian Accounting Standards Board (AcSB) announced that the use of International Financial Reporting Standards (IFRS)
established by the International Accounting Board will be required for fiscal years beginning January 1, 2011 for publicly accountable enterprises.
Accordingly, the Company expects to adopt these new standards during its fiscal year beginning on or after May 1, 2011. The AcSB has also stated
that during the transition period, companies will be required to provide comparative data for the previous year established under IFRS. IFRS issued
by the International Accounting Standards Board (IASB) require the submission of additional information in the financial statements and, although the
conceptual framework of IFRS is similar to Canadian GAAP, companies must take into account differences in accounting principles. The Company is
currently evaluating the impact of adopting these new standards on its consolidated financial statements, but it cannot reasonably establish the
current impact of this accounting change on its financial position and consolidated financial results.
Business Combinations and Consolidated Financial Statements
In January 2009, the Canadian Institute of Chartered Accountants (CICA) issued new Sections 1582, "Business Combinations" which replaces
Section 1581 of the same title. On the same date, the CICA also issued new Sections 1601, "Consolidated Financial Statements", and 1602, "Noncontrolling
Interests". These two new sections replace Section 1600, "Consolidated Financial Statements".
Section 1582 must be applied to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period
beginning on or after January 1, 2011 and Sections 1601 and 1602 are effective for fiscal years beginning on or after January 1, 2011. The Company
will apply these new sections as of May 1, 2011. The Company's management is not able to measure the impact that the application of these new
standards will have on the consolidated financial statements.
The objective of Section 1582 is to improve the relevance, reliability and comparability of the information that a reporting entity provides in its
financial statements about a business combination and its effects. Section 1601 establishes standards for the preparation of consolidated financial
statements following a business combination that involves a purchase of an equity interest by one company in another. Section 1602 establishes
standards for accounting for a non-controlling interest in a subsidiary in consolidated financial statements subsequent to a business combination.
Statement Concepts to clarify the recognition criteria for assets and to Accounting Guideline AcG-11, Entreprises in the Development Stage . The
new Handbook Section sets out recognition, measurement, presentation and disclosure standards regarding goodwill and intangible assets for profitoriented
enterprises. It clarifies the recognition of intangible assets and deals with internally generated intangible assets. However, the standards for
goodwill are identical to those included in Section 3062. This new Section takes effect for fiscal periods beginning on or after October 1, 2008 and the
　
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