Interview Opportunity - Miners beware: IFRS will affect you



    TORONTO, March 10 /CNW/ -

    
    What:  Consolidation, capital-intensive projects, and geopolitical and
           exploratory risks characterize today's global mining landscape.
           Now Canada's mining sector is readying itself to add International
           Financial Reporting Standards (IFRS) to the mix as the new
           Canadian GAAP. IFRS will create significant accounting challenges
           in the sector, while opening Canada's capital markets further to
           the global economy.

           IFRS is the new global accounting language. It's designed to make
           global financial reporting clearer by ensuring companies around
           the world tell their financial stories in a consistent, directly
           comparable way.

    Why:   Canadian public companies are required to adopt IFRS by 2011.
           What's more, the Canadian Securities Administrators have proposed
           changes to security rules that could permit early adoption
           beginning in 2009 - something some miners might want to consider
           to give them a competitive edge. Ernst & Young believes companies
           should act now and complete an IFRS diagnostic in 2008. The
           diagnostic will help companies assess the specific impact
           conversion will have on their businesses and prepare them for
           conversion to the new standards.

    How:   Sector-specific financial reports and business processes reflect
           the risks and rewards to which mining companies are exposed. Ernst
           & Young believes IFRS conversion will cause accounting challenges
           for the mining sector, including:

           -  Exploration and evaluation costs
           -  Business combinations
           -  Impairment of assets
           -  Joint ventures
           -  Income taxes

           The application of IFRS in these and other areas will have a
           material impact on financial reporting. That means analysts,
           institutional investors and other key internal and external
           stakeholders will need to learn how IFRS will affect financial
           statements. An IFRS diagnostic designed to assess the impact of
           conversion is the starting point of a company's IFRS journey.

    Who:   Ernst & Young has significant global experience in helping
           companies address the IFRS conversion challenge, as well as
           extensive experience helping companies in Canada and around the
           world address the issues unique to their business. We can help you
           understand the impact of IFRS on your business and help you
           develop an effective conversion plan.
    

    About Ernst & Young

    Ernst & Young is a global leader in assurance, tax, transaction and
advisory services. Worldwide, our 130,000 people are united by our shared
values and an unwavering commitment to quality. We make a difference by
helping our people, our clients and our wider communities achieve potential.





For further information:

For further information: or to speak to an Ernst & Young spokesperson,
please contact: Amanda Olliver, amanda.olliver@ca.ey.com, (514) 879-6556;
Kelly Peace, kelly.peace@ca.ey.com, (416) 943-3662; Julie Fournier,
Julie.fournier@ca.ey.com, (514) 874-4308


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