TD Bank 2010 Annual Report Download - page 79

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TD BANK GROUP ANNUAL REPORT 2010 MANAGEMENT’S DISCUSSION AND ANALYSIS 77
KEY ACTIVITIES AND MILESTONES RELATED PHASE STATUS
2. Accounting Policies
• Perform a detailed comparison of IFRS to
Canadian GAAP to determine the impact
to the Bank’s accounting policies.
Detailed Assessment • Key differences between IFRS and Canadian GAAP have been
identified (see Summary of Key Differences below).
•
Other differences between IFRS and Canadian GAAP, which are
expected to have a lower impact and require limited changes
to
business processes have also been identified (see Summary
of
Other Differences below).
• Analyze and determine ongoing policies
where alternatives are permitted.
Detailed Assessment;
Design and Solution
Development
• The Bank has analyzed the available alternatives for the majority
of its significant accounting policies and has completed a prelimi-
nary assessment on which alternatives it will select.
• Analyze and determine which IFRS 1, First-
time Adoption of International Financial
Reporting Standards (IFRS 1) exemptions
will be taken on transition to IFRS.
• The Bank has analyzed the available IFRS 1 exemptions and has
completed an assessment on certain of the exemptions it expects
to apply on transition (see First-Time Adoption of IFRS below).
• Identify the tax implications resulting from
first-time adoption decisions and ongoing
accounting policy differences.
• The Bank is assessing the tax impacts related to its first-time
adoption decisions and transitional adjustments to IFRS, and the
on-going tax impacts of accounting policy differences.
• I
mplement revisions to key accounting policies.
Implementation • Technical accounting analyses have been substantially completed
for all IFRS standards that are expected to impact the Bank.
• Key accounting policies requiring revisions have been identified.
3. Financial Statement Preparation and Reporting
•
Identify significant changes in note disclosures
and financial statement presentation.
Detailed Assessment;
Design and Solution
Development
• Significant changes in note disclosures and financial statement
presentation have been identified, drafts have been prepared
and data requirements are being assessed and gathered.
• Assess the impact of transition on the IFRS
opening Consolidated Balance Sheet.
Design and Solution
Development
• An analysis of the impact to the Bank’s IFRS opening Consoli-
dated Balance Sheet has been prepared for internal review. This
analysis may change as the Bank finalizes its IFRS 1 exemption
options and accounting policy decisions and reviews all data to
ensure its accuracy.
• Perform data gathering and prepare IFRS
opening Consolidated Balance Sheet and
comparative financial information, including
related transitional reconciliations and
note disclosures.
Implementation
• Processes have been established to gather data to prepare the
Bank’s IFRS opening Consolidated Balance Sheet. A draft of the
opening Consolidated Balance Sheet is expected to be completed
by first quarter of 2011 for internal review. We anticipate this
draft to change as the Bank finalizes its IFRS 1 exemption options
and accounting policy decisions throughout fiscal 2011.
•
Preliminary drafts of the transitional reconciliations from Canadian
GAAP to IFRS and related note disclosures, as required by IFRS 1,
are expected to be completed by first quarter of 2011 for inter-
nal review
.
• Report IFRS Consolidated Financial State-
ments, including an IFRS opening Consoli-
dated Balance Sheet, transitional
reconciliations and related note disclosures.
• To be effective for the interim and annual periods beginning in
the first quarter of 2012.
4. Financial Reporting and IFRS Expertise
• Staff the program with an appropriate level
of IFRS financial reporting expertise and project
management experience.
• Provide IFRS training to key finance and opera-
tional staff, including business process owners.
• Provide education to management, Steering
Committee, and Audit Committee regarding
IFRS implications.
Detailed Assessment;
Design and Solution
Development
• All milestones have been completed.
• A project team consisting of IFRS subject matter experts, finance
and operational staff and project managers has been engaged.
• IFRS training has been provided to key internal stakeholders and
continues to be provided as required.
• Launch a finance-wide IFRS training program. Design and Solution
Development
• Finance-wide professional development training sessions on
technical IFRS topics continue to be provided. The Bank also
holds regular IFRS information sessions with members of the
Steering Committee, Audit Committee, senior executives, and
certain stakeholders.
• Guidance on specific issues will continue to be provided to
impacted finance and operational personnel.