Q1 Financial Report - 2011
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Ag Growth International Inc.<br />
NOTES TO UNAUDITED INTERIM CONSOLIDATED<br />
FINANCIAL STATEMENTS<br />
[in thousands of Canadian dollars, except where otherwise noted and per share data]<br />
March 31, <strong>2011</strong><br />
33. EXPLANATION OF TRANSITION TO IFRS<br />
For all periods up to December 31, 2010, the Company prepared its consolidated financial<br />
statements in accordance with Canadian GAAP. These interim consolidated financial statements<br />
for the three-month period ended March 31, <strong>2011</strong> are the first interim consolidated financial<br />
statements that comply with IFRS standards in effect as at March 31, <strong>2011</strong>, as further described in<br />
the Company's accounting policies [note 3]. In preparing these interim consolidated financial<br />
statements, the Company's opening consolidated statement of financial position was prepared as at<br />
January 1, 2010, the Company's date of transition to IFRS. This note explains the principal<br />
adjustments made by the Company in restating its Canadian GAAP consolidated statement of<br />
financial position as at January 1, 2010 and its previously published Canadian GAAP consolidated<br />
financial statements for the three-month period ended March 31, 2010 and the year ended<br />
December 31, 2010.<br />
Elected exemptions from full retrospective application<br />
In preparing these interim consolidated financial statements in accordance with IFRS 1, the<br />
Company has applied certain of the optional exemptions from full retrospective application of<br />
IFRS. The optional exemptions applied by the Company are described below.<br />
[a] Business combinations<br />
The Company has applied the business combinations exemption in IFRS 1 to not apply<br />
IFRS 3 retrospectively to past business combinations. Accordingly, the Company has not<br />
restated business combinations that took place prior to the transition date.<br />
[b] Share-based payments<br />
The Company has elected to retrospectively apply the provisions of IFRS 2, Share-based<br />
Payments ["IFRS 2"] only to [i] equity instruments granted after November 7, 2002 that are<br />
unvested at the transition date, and [ii] liability instruments arising from share-based<br />
payment transactions that are outstanding at the date of transition.<br />
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