Air Canada 2009 Annual Report Download - page 101

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Consolidated Financial Statements and Notes
101
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 fi rst annual reporting
period beginning on or after January 1, 2011.
Sections 1601 and 1602 together replace section 1600 – Consolidated Financial Statements. Section 1601, establishes
standards for the preparation of consolidated fi nancial statements. Section 1601 applies to interim and annual consolidated
fi nancial statements relating to fi scal years beginning on or after January 1, 2011. Section 1602 establishes standards for
accounting for a non-controlling interest in a subsidiary in consolidated fi nancial 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 fi nancial statements relating
to fi scal years beginning on or after January 1, 2011.