2011 Annual Illustrative IFRS Financial Statements - BDO Canada

SAMPLE PRECIOUS & OTHER METALS EXPLORATIONFINANCIAL STATEMENTSFor the year-ended December 31, 2011The purpose of this publication is to assist precious and othermetals exploration companies in preparing their first annualInternational Financial Reporting Standards (IFRS) financialstatements.Financial Statement Preparation Assumptions:The illustrative financial statements are based on the followingassumptions:• All investments were classified as available-for-sale underpre-changeover Canadian GAAP and the available-for-saleclassification will be maintained under IFRS.• All property, plant and equipment will be accounted for usingthe cost model.• The fair value as deemed cost election will not be used forproperty, plant and equipment.• The Company has no complex financing arrangements such asconvertible debt.• The Company has early adopted the amendments to IFRS 1which replaces references to a fixed date of ‘1 January 2004’with ‘the date of transition to IFRSs’For more information, please contact:AUDIT AND ASSURANCEVancouverDon de Jersey604 443 4706ddejersey@bdo.caMichael Madsen604 443 4732mmadsen@bdo.caDiane Campbell604 646 4388dcampbell@bdo.caLynn Watt604 443 4730lwatt@bdo.caGlenn Ohlhauser604 646 4395gohlhauser@bdo.caJefry Jai604 646 4390jjai@bdo.caJoe Ozorio604 532 4748jozorio@bdo.caTorontoTammy Thompson416 369 3116tthompson@bdo.caMark Smith416 815 3000marksmith@bdo.caCalgaryLorraine Walker403 213 2592lwalker@bdo.caJonathan Winn403 213 9771jwinn@bdo.caStuart Chalmers403 531 0534schalmers@bdo.caMarilyn Kuntz403 266 5608mkuntz@bdo.caAllan Payne403 213 5426apayne@bdo.caGraham Marjoribanks403 531 0564gmarjoribanks@bdo.caMontrealManon Durivage514 934 1131mdurivage@bdo.caADVISORYSam Khoury416 369 6030skhoury@bdo.caCarlo Mariglia416 369 3078cmariglia@bdo.caDuane Rogers403 205 4342drogers@bdo.caMark Knight604 443 4709mknight@bdo.caThe publication is based on standards and interpretations that have been issued by the International Accounting Standards Board (IASB) by October 31, 2011. The sample financialstatements should not be used as a substitute for referring to standards and interpretations themselves.This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to coverspecific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact BDOCanada LLP to discuss these matters in the context of your particular circumstances. BDO Canada LLP, its partners, employees agents and affiliates do not accept or assume anyliability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it.BDO Canada LLP, a Canadian limited liability partnership, is a member of BDO International Limited, a UK company limited by guarantee, and forms part of the internationalBDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.