TD Bank 2011 Annual Report Download - page 83

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TD BANK GROUP ANNUAL REPORT 2011 MANAGEMENT’S DISCUSSION AND ANALYSIS 81
KEY ACTIVITIES AND MILESTONES RELATED PHASE STATUS
1. Project Governance Framework
Establish program structure and raise awareness,
including the following:
• Form Steering Committee and project teams,
which consist of Finance, Technology, Internal
Audit, and Program Office.
• Establish progress reporting protocols and
project management practices.
• Determine processes for consensus of key
decisions and project oversight.
• Hold IFRS overview sessions at various levels
within the Bank.
Program Initiation
and Planning;
Detailed Assessment
• All milestones have been completed.
• The Steering Committee is kept informed of project status
and key policy decisions. The Audit Committee receives regular
updates. External advisors have been engaged to assist
with certain elements of IFRS analysis. The Bank’s external
stakeholders, OSFI and the external auditors are kept apprised
of the progress of the project.
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 and analyzed.
• 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 and analyzed.
• Analyze and determine ongoing policies
where alternatives are permitted.
Detailed Assessment;
Design and Solution
Development
• The Bank has analyzed the available alternatives for its significant
accounting policies and has completed an assessment of 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
determined which exemptions to apply (see First-Time Adoption
of IFRS below).
• Identify the tax implications resulting from
first-time adoption decisions and ongoing
accounting policy differences.
• The Bank has finalized its assessment of 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.
•
Implement revisions to key accounting policies.
Implementation • Technical accounting analyses have been completed for all IFRS
standards that are expected to impact the Bank.
• Key accounting policies requiring revisions have been identified
and the Bank is finalizing IFRS updates.
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 and drafts have been prepared
for internal review.
• 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
Consolidated Balance Sheet has been completed.
• Perform data gathering and prepare IFRS
opening Consolidated Balance Sheet
and comparative financial information,
including related transitional reconciliations
and note disclosures.
Implementation
• The opening Consolidated Balance Sheet has been prepared;
refer to Note 34 of the accompanying Notes to the
Consolidated Financial Statements.
• Data gathering and drafts of remaining transitional reconcilia-
tions to be included as comparative financial information in
fiscal 2012 continues to progress.
• Report IFRS Consolidated Financial
Statements, including an IFRS opening
Consolidated Balance Sheet, transitional
reconciliations and related note disclosures.
• To be effective for the interim and annual periods beginning
in the first quarter of fiscal 2012.