Accounting and Reporting for Mining

Toronto, Ontario · May 22, 2014
8:00 - 9:00 Registration and Continental Breakfast 8:00 - 9:00

9:00 - 9:10
Welcome and Opening Remarks from the Facilitator
Dan Ricica, Senior Manager, KPMG
Heather Cheeseman, Senior Manager, KPMG
9:10 - 12:00
Update from the Ontario Securities Commission
Sandra Heldman, Senior Accountant, Corporate Finance Branch, Ontario Securities Commission
  • Details of recent Staff Notice 51-722 relating to MD&A for mining issuers
  • Overview of the OSC's continuous disclosure review program
  • Current areas of focus and regulatory priorities
  • Recent publications on financial reporting
Asset Impairment and Impairment Testing
  • Identification of cash generating units
  • Assessing impairment indicators
  • Impairment testing approaches and methodology
  • Key definitions and scope under IFRS 6 - Exploration for and Evaluation of Mineral Resources and IAS 36 - Impairment of Assets
  • Examine disclosure requirements
IFRIC 20: Challenges with Accounting for Deferred Stripping Costs
  • Overview of IFRIC 20 requirements
  • Why the mining industry has struggled with IFRIC 20
  • Implementation strategies
  • Discussion of specific challenges and lessons learned
12:00 - 1:00 Luncheon Break 12:00 - 1:00

Joint Ventures and Partnerships
  • IFRS standards that impact joint ventures including IFRS 11
  • Identification of joint arrangements within the scope of IFRS 11
  • Interaction with IFRS 10 and other standards
  • Classification of joint arrangements as either "joint operations" or "joint ventures"
  • Understanding the accounting differences between "joint operations" and "joint ventures"
  • Common practical application issues for the mining industry
  • Common transitional issues for the mining industry
Farm-in/Farm-out Arrangements
  • Common features of farm-in/farm-out arrangements
  • Accounting for these arrangements in the exploration and evaluation phase
  • Differentiating this approach from the development and production phase
  • Assessing recent and future developments
Accounting for Streaming Transactions
  • Reviewing the general structure of metal streaming transactions
  • Understanding the tax considerations
  • Assessing and understanding the impacts of the various accounting outcomes of streaming transactions
Update on Canadian Mining Taxation
  • Review the latest developments in federal and provincial mining tax pronouncements
  • Foreign affiliate "dumping" rules
  • Flow-through shares, resource expenses, and capital cost allowance
  • Tax considerations for purchasing and selling Canadian mining properties
  • Mining sector financing issues
  • Reorganization strategies
5:00 End of Training Seminar 5:00

The mining industry continues to go through a difficult period and new accounting challenges have emerged as a result. The OSC's expectations have evolved, and mining companies continue to struggle with issues like IFRIC 20, farm-in/farm-outs, joint venture accounting, streaming transactions, asset impairment, and taxation.

The Accounting and Reporting for Mining master class has been designed to update you on these and other critical issues in just one day. Our facilitators will draw upon their specialized expertise to ensure that you can return to your office with the tools and strategies you need to confront the challenges in front of you. The intimate format of our seminar will give you ample opportunities to ask questions and discuss your specific challenges with colleagues and facilitators.

This seminar will be your best opportunity this year to get a comprehensive one-day update on the issues that matter in mining industry accounting. Join us in Toronto to prepare yourself for the challenging year ahead. Register today!

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