Based on a survey of Canadian oil and gas companies, this report provides insights into the status of these companies’ IFRS conversion projects.
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Few key finds include:
- 86 percent of respondents expect to take the optional IFRS 1 exemption for all business combinations prior to the transition date. Those not taking this exception could face restating the complete history of acquisitions
- 75 percent of respondents have not prepared mock IFRS financial statements, which indicates that the industry has work to do prior to January 1, 2011; yet, 80 percent are planning to present statements to their Audit Committees prior to November 1, 2010, so work is being done.
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