IFRS Specific

Bill Rice was appointed Chair and Chief Executive Officer of the Alberta Securities Commission in July 2005. At the time of his appointment, he had over 25 years of experience as a securities lawyer and had most recently concluded a 32-year career with the Bennett Jones LLP law firm as its national managing partner. In the course of his practice, Mr. Rice represented a wide variety of enterprises, including major Alberta corporations, junior to mid-sized oil and gas exploration and service companies, major United States energy corporations and almost all institutional members of Alberta's investment banking community.

Mr. Rice has had board and chair responsibilities with several public and private companies over the course of some 15 years and has lectured on the subjects of securities regulation, corporate law, public financing, mergers and acquisitions, corporate governance and law firm management.

Mr. Rice graduated from Bishop's University with a BA in 1968 and from Osgoode Hall Law School with an LLB in 1972.

This session will review the impact that the transition to IFRS has on securities regulations and how this will impact junior oil and gas issuers. Key required disclosures, issues and timelines will be discussed.

In 2009, Lara Gaede assumed the role of Chief Accountant in the Office of the Chief Accountant (OCA) at the Alberta Securities Commission (ASC) after being the Associate Chief Accountant since 2006. The OCA provides expert accounting, auditing and financial disclosure advice to staff, the executive and Commission members. Lara participates in various policy projects and accounting committees. Until, mid-2009, the OCA also oversaw the continuous disclosure review program at the ASC. This review program results in an annual Continuous Disclosure Review Program report which is published on our website. The OCA also oversaw the secondee program - consisting of CAs from public accounting firms who each spend approximately 6 months with the ASC.

From September, 2005 until May, 2006, Lara was a senior manager with the chartered accountancy firm Ernst & Young.

From 2002 to 2005, Lara was a Senior Securities Analyst for the ASC. Before joining the ASC in 1998 as a Securities Analyst, Lara worked in a managerial position in a private engineering consulting company. Lara articled with Coopers & Lybrand and received her Chartered Accountant designation in 1998. She obtained her Charter Financial Analyst designation in 2001.

This session will provide practical guidance on defining a cash-generating unit (the "new cost centers") for impairment testing purposes as well as providing specific considerations for the junior oil and gas impairment model (the "new ceiling test"). The goal of this session is to focus on specific examples and to ensure audience participation through a panel discussion.

Murray Suey, CA is the partner in charge of the Calgary office audit practice at KPMG. He has over 25 years of public accounting experience in Canada and the UK. Murray serves as the lead audit partner for a number of private and public companies and he is a KPMG Securities Partner.

Murray is a member of KPMG Canada's oil & gas complex accounting group. Within KPMG he is an IFRS specialist and has presented on IFRS and accounting and corporate governance matters to the Alberta Securities Commission, The Insititute of Corporate Directors, KPMG's Quarterly Accounting & Tax Updates and KPMG's Audit Committee Roundtables.

Murray received his Bachelor of Commerce (with Distinction) from the University of Calgary and is a member of the Institute of Chartered Accountants of Alberta. He is a former director of the Canadian Cancer Society-Alberta NWT Division and the Hong Kong Canada Business Association.

Jackie Cugnet is a Chartered Accountant with over 16 years of accounting and finance experience in the oil and gas industry. Jackie graduated with a Bachelor of Commerce degree with Great Distinction from the University of Saskatchewan in 1990 and completed her Chartered Accountant designation in 1993. From 1993 to the present time, Jackie has held senior financial positions with both public and private oil and gas companies. Since 2000, she has spent the majority of her time in the role of Vice-President, Finance and/or Chief Financial Officer at junior oil and gas companies. She is currently the VP, Finance at Fairborne Energy Ltd., where she has been a key member of the IFRS conversion project.

Ms. Cugnet is a member of the Institute of Chartered Accountants of Alberta (ICAA) and the Canadian Institute of Chartered Accountants (CICA).

There are only a few audit committee meetings left before the adoption of IFRS. With oversight responsibility for MD&A disclosures related to implementation planning and progress, and the impact of IFRS on financial reporting, the Audit Committee has a significant role to play. This session will provide advice on what audit committees will be expecting with respect to the IFRS transition.

Bev Briscoe, FCA is a Chartered Accountant with extensive industry experience in the transportation and industrial equipment sectors and has served on a number of boards and audit committees over the past decade. Currently, Ms. Briscoe is a director and audit committee chair of Goldcorp Inc. and Ritchie Bros. Auctioneers Inc. -both public companies listed on the TSX and the New York Stock Exchange. She is a director for a number of non-profit organizations and she is the chair of the BC Forest Safety Council. She sits on the panel of judges for CFO of the Year and Entrepreneur of the Year.

Previously Ms. Briscoe owned a transportation services company and worked in senior management positions in the heavy equipment industry as Vice President and General Manager of Wajax Industries Ltd. and Vice President of Finance of the Rivtow Group of Companies in Vancouver, B.C. She also worked as Chief Financial Officer for various operating divisions in The Jim Pattison Group in B.C. and Geneva, Switzerland. She articled with Coopers & Lybrand and worked with them in Vancouver and Sydney, Australia.

Ms. Briscoe holds a Bachelor of Commerce degree from the University of British Columbia and is a fellow of the Institute of Chartered Accountants of British Columbia.

This session will review the purpose and content of IFRS 6 and how it affects accounting for your exploration and evaluation (E&E) assets. Then they then present and explain an IFRS compliant E&E for a hypothetical junior oil and gas issuer that seeks to minimize the changes from how they currently account for E&E assets. Concluding, the presenters will identify aspects of this hypothetical policy where issuers could adopt alternative accounting treatments and still be IFRS compliant.

Matt Bootle, FCA is a Partner in Ernst & Young's Professional Practice group, situated in Calgary where he specializes in accounting and financial reporting for public companies. Prior to returning to Ernst & Young, Matt has served as Director, Accounting Standards at Toronto Stock Exchange and TSX Venture Exchange and Director, Policy at TSX Venture Exchange. Matt was a member of Council of the Institute of Chartered Accountants of Alberta (ICAA) from 2002 to 2006, serving also as Chair of ICAA's Bylaws and Rules Committee (2003 to 2005). Matt also served on the ICAA's Complaints Enquiry Committee (1998 to 2002). Previously, Matt served as the Chief Accountant at the Alberta Securities Commission.

Matt made submissions to the CICA's Accounting Standards Oversight Committee pertaining to IFRS adoption for oil and gas issuers and was involved in the written submissions to the International Accounting Standards Board to consider revising IFRS 1 so as to provide some IFRS transitional relief for oil and gas issuers. Matt is also actively involved in the work of the Canadian Association of Petroleum Producers (CAPP) and the Small Exploration and Production Association of Canada (SEPAC) to provide IFRS guidance to Canadian oil and gas issuers.

Janet Fraser, CA is a manager in the Calgary Assurance practice. She has over 6 years of experience providing audit and accounting services to private and public company clients, primarily in the energy industry. She is involved in training for our global audit methodology and specific information sessions related to oil and gas accounting and auditing.

A key member of Ernst & Young's oil and gas industry group, Janet has been involved with several small and mid-sized petroleum and natural gas companies' IFRS conversions, and has been instrumental in the development of our customized approach used to assist smaller oil and gas companies with their IFRS conversions.

Janet's energy clients served include ConocoPhillips Canada, Apache Corporation, EnCana Corporation, Nova Chemicals Corporation, Galleon Energy Inc., Ember Resources Inc., Flagship Energy Inc. and TAQA North Limited.

This session will explore the differences in the ARO calculation under IFRS, additional inclusions and treatment of Day One adjustments.

Ryan McKay is a partner in the Audit and Assurance group at PricewaterhouseCoopers with over ten years of experience with the firm's Edmonton, Bermuda and Calgary offices. He has extensive experience working in the oil and gas industry and is involved with PricewaterhouseCoopers national IFRS learning and education program. Ryan is an IFRS technical specialist in the Calgary office and is currently involved in numerous IFRS conversion projects with clients in the oil and gas industry. In this role, he regularly speaks at IFRS presentations and training sessions put on by PricewaterhouseCoopers and other industry groups.

Tammy Thompson, CA is the leader of the Calgary office's IFRS Project Team where her principal role is to provide consultative assistance on accounting and financial reporting matters with a focus on International Financial Reporting Standards. She also oversees several IFRS conversion projects for companies in the oil and gas and rate-regulated industries.

Tammy has been actively involved in the work of the Canadian Association of Petroleum Producers IFRS task force, and is also a regular panelist on the Canadian Electricity Association's and the Alberta Utilities Board's IFRS task forces.

Fairborne Energy Ltd and Pengrowth EnergyTrust are two mid-sized oil & gas companies that are well down the path toward their IFRS conversion. Elan Energy Services is a Calgary-based independent consulting firm specializing in oil & gas financial data management. Join this panel for a frank discussion on the broader organizational impact of the IFRS transition including information systems, operating metrics process management and investor relations.

Matt Bootle, FCA is a Partner in Ernst & Young's Professional Practice group, situated in Calgary where he specializes in accounting and financial reporting for public companies. Prior to returning to Ernst & Young, Matt has served as Director, Accounting Standards at Toronto Stock Exchange and TSX Venture Exchange and Director, Policy at TSX Venture Exchange. Matt was a member of Council of the Institute of Chartered Accountants of Alberta (ICAA) from 2002 to 2006, serving also as Chair of ICAA's Bylaws and Rules Committee (2003 to 2005). Matt also served on the ICAA's Complaints Enquiry Committee (1998 to 2002). Previously, Matt served as the Chief Accountant at the Alberta Securities Commission.

Matt made submissions to the CICA's Accounting Standards Oversight Committee pertaining to IFRS adoption for oil and gas issuers and was involved in the written submissions to the International Accounting Standards Board to consider revising IFRS 1 so as to provide some IFRS transitional relief for oil and gas issuers. Matt is also actively involved in the work of the Canadian Association of Petroleum Producers (CAPP) and the Small Exploration and Production Association of Canada (SEPAC) to provide IFRS guidance to Canadian oil and gas issuers.

Jeff Collett, Senior Partner, is a Business Analyst & Systems Consultant based in Calgary, Alberta specializing in implementations, data conversion, project management, PL/SQL programming, custom report writing, and training for energy industry related financial accounting systems. Jeff possesses over seventeen years of experience in the petroleum and natural gas industry. He has been a senior partner with Elan Energy Service since its inception in 2000.

Jackie Cugnet is a Chartered Accountant with over 16 years of accounting and finance experience in the oil and gas industry. Jackie graduated with a Bachelor of Commerce degree with Great Distinction from the University of Saskatchewan in 1990 and completed her Chartered Accountant designation in 1993. From 1993 to the present time, Jackie has held senior financial positions with both public and private oil and gas companies. Since 2000, she has spent the majority of her time in the role of Vice-President, Finance and/or Chief Financial Officer at junior oil and gas companies. She is currently the VP, Finance at Fairborne Energy Ltd., where she has been a key member of the IFRS conversion project.

Ms. Cugnet is a member of the Institute of Chartered Accountants of Alberta (ICAA) and the Canadian Institute of Chartered Accountants (CICA).

Dan J. Pigeon, Vice President, Investor Relations,
Pengrowth Energy Trust

Mr. Pigeon has an extensive background in the financial arena, with more than 20 years of professional leadership experience in strategic financial planning, capital structuring and financing, enterprise-wide risk assessment and management.

Prior to his current role as Vice President, Investor Relations at Pengrowth Energy Trust, Daniel held the position of Vice-President, Finance & Chief Financial Officer at FortisAlberta Inc. His accomplishments included leading growth of company assets while negotiating a top-tier credit rating and issuing new debt at favorable interest rates.

Prior to Fortis, Daniel held the role of Director of Financial Operations & Investor Relations and later as Vice-President, Portfolio Strategy & Execution with TransAlta Corporation. In these roles, Daniel was responsible for the development and execution of growth strategies in North America, Mexico and Australia as well as the strategic management of TransAlta's profile within the equity and capital markets.

Mr. Pigeon is a graduate of the University of Western Ontario, having earned a Bachelor of Arts degree in Economic and Computer Science. In addition, Daniel acquired his Chartered Accountant (CA) designation and is a Chartered Financial Analyst (CFA) charter holder.

There are 20 choices - elective and exemptive - that need to be made on the adoption of IFRS. This session will focus on the key elections required to be developed for a junior oil and gas entity. Specific attention will be provided to the oil and gas deemed cost exemption and how one actually goes through the process of the election. A sample junior oil and gas financial statement template will be distributed and discussed, focusing on IFRS 1 disclosures as well as specific IFRS accounting policy notes.

Shane Doig, CA is the partner of the Calgary office audit practice at KPMG.

• Has 11 years of public accounting experience with significant experience with both public and private companies many of whom are US registrants.
• In-depth knowledge of the Energy sector - focuses on upstream and midstream oil and gas entities and oilfield service companies.
• Member of the complex accounting group specializing in accounting for financial instruments and derivatives, business combinations and stock based compensation.
• Completed KPMG in-depth IFRS training programs and currently assisting several oil and gas entities, oil and gas service entities and midstream entities with respect to their conversion to IFRS.

This session provides a comprehensive overview of the capitalization criteria, accounting for depletion and the "component accounting" approach under IFRS. Throughout the session, examples of how the technical IFRS standards relate to the junior oil and gas industry will be addressed. Specifically, this session will focus on the following:

• Discussion of the capitalization criteria under IFRS, answering the question "what is eligible for capitalization?"
• Overview of the accounting treatment for borrowing costs under IFRS
• Comprehensive discussion of depletion and depreciation under IFRS and what it means to follow "component accounting",
• Practical application of the IFRS guidance demonstrated through examples targeted for the junior oil and gas industry
• Overview of related IFRS 1 "First-time Adoption of IFRS" transitional implications

Jonathan Winn, CA is a Partner with BDO Dunwoody LLP in Calgary. He is primary areas of responsible is Quality Control within the Firm and advising on complex accounting transactions. He is also responsible for advising a number of small to medium public companies who are currently facing the challenge of conversion to IFRS. In addition he is involved in the development and delivery of a number of IFRS training courses.

Jonathan is a member of the Canadian Association of Petroleum Producers IAS task group, which is charged with advising the oil and gas industry on a broad range of issues associated with the adoption of IFRS. In 2007 he obtained the ICAEW Certificate in International Financial Accounting Standards qualification.

The revised IFRS standard on business combinations will have significant impact on a number of aspects of business combination accounting as we currently know it. With proper planning, organizations can position themselves to move faster than their competition as and when M&A opportunities arise. Learn how the IFRS business combinations standard compares to Canadian GAAP and be prepared.

Chris Johnston, CA is a Partner with Deloitte & Touche LLP in the Complex Accounting and Transaction Expertise ("CATE") team based in Calgary.

Area of expertise

• IFRS
• Financial Instruments
• US GAAP
• Oil & Gas

Profile

• Lead Partner in our CATE Group in Calgary
• Lead partner on a number of public company registrants
• Acknowledged presenter at various US GAAP/financial instruments seminars and conferences

Relevant Experience

• Extensive industry experience with Enbridge, including dealing with various complex business, financial reporting and tax matters with all of the Enbridge SEC registrants
• Specializes in serving oil and gas clients
• Extensive US GAAP and SEC experience as both a preparer and an auditor

Tiffany Marr, CA is a Manager with Deloitte & Touche LLP in the Global IFRS Offering Services (GIOS) team based in Calgary. She serves public reporting entities, specializing in oilfield services. She continues to be active in providing IFRS conversion services to audit and non-attest clients as they prepare for their conversion from Canadian GAAP to IFRS.

This session will cover the accounting for and the presentation of derivatives not designated as hedges, including the own-use exemption; the identification and measurement of embedded derivatives associated with convertible debt; share based compensation; including awards with graded vesting, forfeitures and measurement of cash-settled awards; royalty revenue recognition and presentation; joint venture arrangements and flow-through shares.

Elena Bowes, CA is a senior manager in Ernst & Young's National Professional Practice group, providing consultative assistance on complex accounting and financial reporting matters, including U.S. GAAP and regulatory filings in Canada and the U.S. Elena is one of Ernst & Young's Canadian subject matter experts in the areas of accounting for employee benefits and financial instruments. She appears regularly at presentations on accounting and financial reporting matters.

Kerry Clark is a qualified CA in both Australia and Canada. She specialises in the application and interpretation of IFRS and has been working extensively with both clients and staff on IFRS technical accounting issues since 2004. She was a member of the firm's Oceania International Financial Reporting Standards (IFRS) Area Desk in Melbourne, Australia office until October 2008 when she joined the Calgary assurance practice in Canada to assist Canadian clients in the oil and gas industries with IFRS transition issues.

Kerry has authored a number of publications, represents the firm at various accounting forums and delivers tailored presentations for clients and other parties as requested. Most recently Kerry has been assisting companies such as Talisman Energy, Nexen, Suncor Energy (including PetroCanada) and Paramount Resources with their IFRS transition projects. Kerry is also involved in the work of the Canadian Association of Petroleum Producers (CAPP) in providing IFRS training to Canadian oil and gas issuers.

You have identified the differences between your current accounting practices and IFRS. What's next? How do you move from accounting analysis to making the changes needed to implement IFRS in your organization and sustain the implementation through 2011 and beyond? This session will provide practical advice on how to move your IFRS conversion to the implementation stage and will include techniques and tools used by companies who have moved into this stage, including the challenges, risks and issues encountered and how they were addressed.

Sippy Chhina, CA, CMA, Partner leads the Assurance and Advisory function of the Calgary office. Sippy is also a securities engagements partner and a IFRS specialist. She is able to draw from her past experience in assisting with IFRS conversions and reporting under IFRS. She was one of the Technical Editors of the Deloitte "iGAAP 2008: IFRS for Canada" publication. Sippy has worked in public accounting for over 18 years. Sippy's focus is to provide audit, accounting and advisory services to our clients reporting under Canadian GAAP, and IFRS. She serves the mid market public company sector, specializing in oil and gas related services and other commodity based enterprises.