Glass Earth Gold Announces Early IFRS Conversion
April 12 2011 - 6:00PM
Marketwired
Glass Earth Gold Limited (TSX VENTURE: GEL)(NZAX: GEL) ("Glass
Earth") today announced that it had obtained an order from Canadian
Securities regulatory authorities to early adopt International
Financial Reporting Standards ("IFRS") effective for all financial
years ending after January 1, 2010. As a result Glass Earth will
re-file its unaudited interim financial statements for each of the
three, six and the nine month periods of 2010 in accordance with
IFRS, and all future financial statements and MD&A filings will
be completed in accordance with IFRS, including the annual
financial statements and MD&A for the year ended December 31,
2010.
Early IFRS Conversion
On February 13, 2008 the Canadian Accounting Standards Boards
confirmed that the transition to IFRS from Canadian Generally
Accepted Accounting Principles ("GAAP") will occur on January 1,
2011 for public entities, with the option available for enterprises
to early adopt upon receipt of approval from the Canadian
Securities regulatory authorities. Based on the granted exemption
the Company will early adopt IFRS for Canadian reporting purposes
and will prepare its financial statements in accordance with IFRS
for financial reporting periods beginning January 1, 2010, with an
adoption date of January 1, 2007.
The Company's exploration activities are carried out solely in
New Zealand where its main operating subsidiary is incorporated.
Under New Zealand law the Company must lodge its audited group
consolidated financial statements that comply with New Zealand
GAAP, with the New Zealand Companies Office.
Due to the adoption of NZ IFRS by New Zealand Accounting bodies
several years ago, the Company has been obliged to prepare an
additional set of audited financial statements that complied with
IFRS since the period beginning 1 January 2007 being the years
ended December 31 2009, 2008 and 2007. These financial statements
can be viewed at www.companies.govt.nz. There were no significant
differences between Canadian GAAP and NZ IFRS or IFRS, given the
nature of the Company's operations.
Glass Earth provides specific advice in relation to the following issues:
(a) The key elements and timing of its changeover plan;
The modest changeover issues were addressed in calendar 2007 and have
been implemented subsequently (for New Zealand filing purposes). The
key elements relate to additional notes to the financial statements;
(b) Accounting policy and implementation decisions the Filer has made or
will have to make;
Please refer to the above comment.
(c) The exemptions available under IFRS 1 that the Filer expects to apply
in preparing financial statements in accordance with IFRS-IASB;
IFRS 1 "First Time Adoption of International Accounting Standards"
sets forth guidance for the initial adoption of IFRS. Under IFRS 1 the
standards are applied retrospectively at the transitional balance
sheet date with all adjustments to assets and liabilities as stated
under GAAP taken to retained earnings unless certain exemptions are
applied. The Company has no adjustments and therefore no exemptions
are required.
(d) Major differences the Filer has identified between its current
accounting policies and those the Filer is required or expects to
apply in preparing financial statements under IFRS-IASB; and
No major differences identified in the 3 years of preparing IFRS
financial statements.
(e) The impact of the changeover on the key line items presented in the
Filer's interim financial statements for the period ending September
30, 2010.
No effect.
About Glass Earth Gold Limited
Glass Earth is one of the largest New Zealand-based gold
exploration companies exploring a land position of over 2,800
square kilometres in the North and South Islands.
In the North Island, exploration efforts are focused on large
epithermal gold systems in the Hauraki/Central Volcanic Region.
This Region is host to the 10 million ounce Martha Gold Mine,
(Newmont Mining).
Hauraki Region - Glass Earth occupies a significant ground
position around the Waihi/Martha Gold Mine; The Newmont-Glass Earth
Waihi West JV (Newmont earning 60%) and Hauraki JV (North and
Central Areas - 65/35) are currently being explored and managed by
Newmont.
Central Volcanic Region - Glass Earth has defined several
significant epithermal gold targets in this region including the
Muirs Reef project (Mamaku district).
In the South Island, exploration efforts are focused on the
Otago Region for mesothermal "Macraes-style" gold targets and
alluvial gold.
Otago Region - Field programmes including commencement of the
drilling of highly ranked Serpentine and Game Hen gold targets is
planned for 2011.
Two alluvial mining operations continue into the 2011 year,
coupled with an acceleration of alluvial exploration and resource
definition; Glass Earth / Dunstan Mining (placer mining 50/50
partner) plan to significantly increase gold output in 2011.
To receive Company news via email, contact jennie@chfir.com and
mention "Glass Earth news" in the subject line.
To view the map associated with this release, please visit the
following link: http://media3.marketwire.com/docs/GELmap412.pdf
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) nor New Zealand Exchange Limited has reviewed
this release and neither accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Glass Earth Gold Limited Simon Henderson President and
Chief Executive Officer +64 4 903 4980 info@glassearthlimited.com
www.glassearthgold.com CHF Investor Relations Jeanny So Director of
Operations +1 416 868 1079 x225 jeanny@chfir.com
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