Westjet 2009 Annual Report Download - page 66

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36 WestJet 2009 Annual Report
Key activity Key milestones Status
Financial statement preparation
• Identify differences in Canadian GAAP/
IFRS accounting policies
• Select ongoing IFRS policies
• Select IFRS 1 choices
• Develop fi nancial statement format
• Quantify effects of change in initial IFRS
disclosure and 2010 comparative
fi nancial statements
Senior management and Steering
Committee sign-off for all key IFRS
accounting policy choices to occur in
early 2010.
Development of draft fi nancial statement
format to occur during the fi rst half of
2010.
Completed the IFRS Diagnostic phase during
2008, which involved a high-level review of
the major differences between Canadian
GAAP and IFRS.
The Solution Development phase is
substantially complete, and we have
commenced the Implementation and
Execution phase as previously discussed.
Training
Defi ne and introduce appropriate level of IFRS
expertise for each of the following:
• Finance Department
• Audit Committee
Training for the Finance Department to
occur throughout 2010.
Regular Audit Committee updates are
provided once per quarter.
Project team expert resources and our
external advisor have been identifi ed to
provide insights and training. Training for
project team members is occurring
throughout the project, and a detailed
training plan is being created for the
Finance Department and other departments
as needed.
Information technology (IT) infrastructure
Confi rm that business processes and systems
are IFRS compliant, including:
• Program upgrades (including any
interfaces) and changes
• Gathering data for disclosures
Confi rm that systems can address 2010
dual reporting requirements in the
fourth quarter of 2009.
Confi rm that business processes and
systems are IFRS compliant throughout
the project.
Proof of concept for dual reporting during
2010 has been completed, with testing and
implementation occurring throughout 2010.
Based on the work to date, there does not
appear to be any signifi cant IT issues that
cannot be addressed by our current systems.
Currently reviewing options to address
business process changes. Workshops have
commenced to discuss key business process
and IT changes.
Control environment
• For all accounting policy changes
identifi ed, assess control design and
effectiveness implications
• Implement appropriate changes
All key IFRS control design and
effectiveness implications are being
assessed as part of the key IFRS
differences and accounting policy
choices through to the end of 2010.
Analysis of control requirements is underway
in conjunction with review of accounting
issues and policies. Internal Audit has been
involved in the project plan to integrate any
ICFR requirements.
External communications
Assess the effects of key IFRS-related
accounting policy and fi nancial statement
changes on external communications,
in particular:
• Confi rm 2011 investor communications
are IFRS compliant regarding guidance
and fi nancial impact
• Monitor external communications package
• Confi rm investor relations process can
respond to IFRS-related queries
Analyze and publish the effect of IFRS
on the fi nancial statements throughout
the project.
IFRS disclosure will be updated throughout
the project.
Investor Relations is represented on the IFRS
Steering Committee. An investor
relations communications strategy is
currently being formulated.