Annual Report 2011 - Canlan Ice Sports

Notes to Consolidated Financial Statements
(tabular amounts expressed in thousands of dollars, except per share amounts)
Years ended December 31, 2011 and 2010
22. First-time adoption of IFRS (continued):
Reconciliation of statement of financial position as at December 31, 2010:
Assets
Effect of
Canadian
transition
GAAP to IFRS Notes IFRS
Current assets:
Cash and cash equivalents $ 8,903 $ - $ 8,903
Accounts receivable 1,519 - 1,519
Inventory 1,041 - 1,041
Prepaid expenses 456 - 456
Deferred tax assets 2,585 (2,585) g -
14,504 (2,585) 11,919
Non-current assets:
Properties, plant and equipment - facilities 94,128 (9,528) a - d 84,600
Investment properties 856 4,398 a, d 5,254
Deferred tax assets 586 2,828 g 3,414
Other assets 439 - 439
96,009 (2,302) 93,707
$ 110,513 $ (4,887) $ 105,626
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities $ 5,262 $ 382 e, f $ 5,644
Deferred revenue and customer deposits 11,022 - 11,022
Financial liability held for trading 227 - 227
Current portion of:
Obligations under finance leases 533 - 533
Debt on ice rinks 2,737 16,134 h 18,871
19,781 16,516 36,297
Non-current liabilities:
Obligations under finance leases 922 - 922
Debt on ice rinks 41,285 (16,134) h 25,151
Deferred tax liabilities 1,845 (1,178) g 667
44,052 (17,312) 26,740
Total liabilities 63,833 (796) 63,037
Shareholders’ equity:
Share capital 63,109 - 63,109
Contributed surplus 543 - 543
Deficit (16,972) (4,091) (21,063)
46,680 (4,091) 42,589
$ 110,513 $ (4,887) $ 105,626
58 Canlan Ice Sports Corp. 2011 Annual Report