Air Canada 2008 Annual Report Download - page 104

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2008 Air Canada Annual Report
104
Section 1582 replaces section 1581, and establishes standards for the accounting for a business combination. It provides
the Canadian equivalent to International Financial Reporting Standard IFRS 3 – Business Combinations. The section applies
prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting
period beginning on or after January 1, 2011.
Sections 1601 and 1602 together replace 1600 – Consolidated Financial Statements. Section 1601, establishes standards
for the preparation of consolidated financial statements. Section 1601 applies to interim and annual consolidated financial
statements relating to fiscal years beginning on or after January 1, 2011. Section 1602 establishes standards for accounting
for a non-controlling interest in a subsidiary in consolidated financial statements subsequent to a business combination. It is
equivalent to the corresponding provisions of International Financial Reporting Standard IAS 27 – Consolidated and Separate
Financial Statements and applies to interim and annual consolidated financial statements relating to fiscal years beginning
on or after January 1, 2011.