Westjet 2010 Annual Report Download - page 48

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46 WestJet 2010 Annual Report
The transition from Canadian GAAP to IFRS is a significant
undertaking that will materially affect our reported financial
position and results of operations. We continue to monitor standards
development as issued by the IASB and the AcSB, as well as
regulatory developments as issued by the Canadian Securities
Administrators (CSA), which may affect the timing, nature or
disclosure of our adoption of IFRS.
Our preliminary assessment of the impact of adopting IFRS
based on the current standards has identified the following
areas as potentially having the most significant impact on our
consolidated financial statements. This should not be regarded
as a complete list of changes that will result from the transition
to IFRS, but rather is intended to highlight the areas we believe
to be the most significant. As we finalize the Implementation
and Execution phase, we will confirm additional changes
.
These assessments are based on available information and our
expectations as of the date of this MD&A and, thus, are subject to
change based on new facts and circumstances.
IFRS 1 provides entities adopting IFRS for the first time with a
number of optional exemptions and mandatory exceptions, in
certain areas, to the general requirement of full retrospective
application of IFRS. Most adjustments required on transition
to IFRS will be made retrospectively against opening retained
earnings in the first comparative balance sheet. We do not
anticipate any changes to the previously reported cash flows as
a result of adopting IFRS.