Update On Adoption Of International Financial Reporting Standards

Introduction

On May 21, 2009, the Canadian Securities Administrators (CSA) issued Staff Notice 52-324 – Issues Relating to Changeover to International Financial Reporting Standards, an update on the changeover to international financial reporting standards (IFRS) in Canada. Canadian publicly accountable enterprises (PAEs) will be required to adopt IFRS, the international accounting standards issued by the International Accounting Standards Board (IASB), in lieu of Canadian GAAP, for fiscal years beginning on or after January 1, 2011 (the "changeover date").

The Notice provides an update on:

• adoption of IFRS by domestic issuers for periods beginning prior to the changeover date