This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Brookfield Properties to follow IFRS for Q1 statements 2009-10-09 12:38 ET - News Release Ms. Melissa Coley reports BROOKFIELD PROPERTIES PLANS EARLY ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
Brookfield Properties Corp. has been granted exemptive relief from the Canadian securities
regulatory authorities to prepare its financial statements in accordance
with international financial reporting standards (IFRS) for financial
periods beginning on or after Jan. 1, 2010, one year ahead of the
mandatory conversion date for Canadian public companies. In light of the
relief granted, the company intends to adopt IFRS beginning with its
interim financial statements for the three months ending March 31, 2010.
Those financial statements will also include comparative results for the
periods starting Jan. 1, 2009.
Brookfield has prepared a comprehensive IFRS conversion plan
which addresses changes in accounting policies, the restatement of
comparative periods, various education and training sessions on the
adoption of IFRS, as well as required changes to business processes and
internal controls. The company's finance and accounting staff have been
informed of the company's preliminary policies and procedures as they
relate to IFRS. As a result of the training program and the preparation
of a reconciliation of Brookfield's historical Canadian generally accepted accounting principles (GAAP) financial
statements to IFRS financial statements, the company believes that its
applicable personnel have obtained an appropriate understanding of IFRS
as it applies to the company's financial reporting. While new controls
are being put into place to address certain unique IFRS accounting and
disclosure requirements, Brookfield does not anticipate
comprehensive changes to its current accounting and consolidation
systems, its internal controls nor its disclosure control process as a
result of the conversion.
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