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DESERT GOLD EARLY ADOPTS INTERNATIONAL FINANCIAL REPORTING STANDARDS
Published : July 05, 2011
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VANCOUVER, July 5, 2011 /CNW/ - Desert Gold Ventures Inc. (TSX-V: DAU and OTCOX: DAUGF) (the "Company") announces that its application to early adopt International Financial Reporting Standards ("IFRS") under National Instrument 52-107 has been approved by the applicable Canadian Securities Administrators. The Company has chosen to early adopt IFRS and will commence reporting under these standards for the period beginning August 1, 2010, with an August 1, 2009 date of transition (the "Transition Date"). Comparative periods for fiscal 2010 will also be restated under IFRS.

As background, in February 2008, the Canadian Accounting Standards Board confirmed that IFRS will replace Canadian generally accepted accounting principles ("GAAP") for all publicly accountable enterprises for financial periods beginning on and after January 1, 2011, with the option available for enterprises to early adopt upon receipt of discretionary approval from the Canadian securities regulatory authorities.

The Company believes that the adoption of IFRS will eliminate complexity from the its financial statement preparation process by allowing the Company to utilize IFRS, the emerging, globally accepted accounting standard, for accounting and audit purposes throughout the various jurisdictions in which it operates and intends to operate following completion of the proposed acquisition (the "Acquisition") of Transafrika Belgique S.A. and its mineral property interests in Rwanda, Mali and Senegal.  (For further details concerning the Acquisition, please refer to the Company's press release dated June 21, 2011, available at www.SEDAR.com).

IFRS Conversion

The Company's comprehensive IFRS conversion plan addresses changes in accounting policies, restatement of comparative periods, organization, internal controls and any required changes to business processes. To facilitate this process and ensure the full impact of the conversion is understood and managed reasonably, the Company had external consultants, including the Company's auditors Davidson & Company LLP, assisting as needed. The accounting staff has also attended several training courses on the adoption and implementation of IFRS. Through in-depth training and the reconciliation of historical GAAP financial statements to IFRS, the Company believes that its accounting personnel have attained a thorough understanding of IFRS.

The Company has reviewed its accounting system, its internal controls and its disclosure control processes and believes they do not require significant modification as a result of the conversion of IFRS.

Initial adoption of IFRS

IFRS 1 "First-time Adoption of International Financial Reporting Standards" sets forth guidance for the initial adoption of IFRS. Under IFRS 1, the standards are applied retroactively at the Transition Date with all adjustments to assets and liabilities taken to retained earnings unless certain exemptions are applied. The Company will be applying the following exemptions to its opening balance sheet dated August 1, 2009:

(a) Business combinations

IFRS1 indicates that a first-time adopter may elect not to apply IFRS 3 Business Combinations retrospectively to business combinations that occurred before the date of transition to IFRS. The Company takes advantage of this election and applies IFRS 3 to business combinations that occurred on or after August 1, 2009. There is no adjustment required to the August 1, 2009's statement of financial position on the Transition Date.

(b) IFRS 2 - Share-based payment transactions

IFRS 2 Share-based Payment has not been applied to equity instruments that were granted on or before November 7, 2002, nor has it been applied to equity instruments granted after November 7, 2002 that vested before August 1, 2009.

(c) IAS 27 - Consolidated and Separate Financial Statements

In accordance with IFRS 1, if a company elects to apply IFRS 3 Business Combinations retrospectively, IAS 27 Consolidated and Separate Financial Statements must also be applied retrospectively. As the Company elected to apply IFRS 3 prospectively, the Company has also elected to apply IAS 27 prospectively.

(d) IAS 23 - Borrowing Costs

IAS 23 Borrowing costs has not been applied to borrowing costs relating to qualifying assets for which the commencement date for capitalization is on or after August 1, 2009.

(e) IAS 16 - Property, plant and equipment

IAS 16 Property, plant and equipment allows for property, plant and equipment to continue carried at cost less depreciation, same as under GAAP.

Impact of IFRS

IFRS employs a conceptual framework that is similar to Canadian GAAP. The adoption of IFRS will not have any material impact on the financial information previously disclosed under Canadian GAAP. The Company identified the following adjustments as a result of the adoption of IFRS:

(a) Share-based payment transactions

        IFRS 2, similar to Canadian GAAP, requires the Company to measure share-based compensation related to share purchase options granted to employees at the fair value of the options on the date of grant and to recognize such expense over the vesting period of the options. However, under IFRS 2, the recognition of such expense must be done with a "graded vesting" methodology as opposed to the straight-line vesting method allowed under Canadian GAAP. In addition, under IFRS, forfeitures estimates are recognized in the period they are estimated, and are revised for actual forfeitures in subsequent periods; while under Canadian GAAP, forfeitures of awards are recognized as they occur.
         
        Under IFRS graded vesting methodology, during the nine months ended April 30, 2011, the Company would have recorded US$486,391 as share-based payment versus US$495,544 stock-based compensation under Canadian GAAP. As a result, US$9,153 would be adjusted in the share-based payment expense in the statement of operations and the same amount would be adjusted in the reserves account in the statement of equity.
         
        During the year ended July 31, 2010, the Company would have recorded $607,821 as share-based payment versus US$370,288 stock-based compensation under Canadian GAAP. As a result, US$237,533 would be adjusted in the share-based payment expense in the statement of operations and the same amount would be adjusted in the reserves account in the statement of equity.

In order to allow the users of the financial statements to better understand other changes between IFRS and GAAP that do not have any quantitative effect or adjustments to the Company's financial statements, the following qualitative explanation of the differences between GAAP and IFRS is provided:

(a) Income tax

Income tax expense is calculated in the same manner in accordance with GAAP and IFRS. Future income tax asset / liability is also calculated in the same manner in accordance with GAAP and IFRS.

(b) Property, plant and equipment

GAAP and IFRS allow the use of original cost less depreciation as the cost base. IFRS requires separate depreciation rate for components that depreciate differently.

(c) Exploration for and Evaluation of Mineral Resources

GAAP and IFRS allow the capitalization of costs associated with the exploration for and evaluation of mineral resources.

This news release was prepared by Company management, which takes full responsibility for content. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

For further information:

Jared Scharf, Chief Financial Officer
Desert Gold Ventures Inc.
Tel. (416) 662-3971
e-mail: jared@desertgold.ca
web:  www.desertgold.ca

Données et statistiques pour les pays mentionnés : Mali | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Mali | Tous

Desert Gold Ventures Inc.

EXPLORATEUR
CODE : DAU.V
ISIN : CA25039N3094
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Desert Gold Ventures est une société d’exploration minière d'or basée au Canada.

Desert Gold Ventures détient divers projets d'exploration en USA.

Son principal projet en exploration est GOLDBANKS - KINROSS en USA.

Desert Gold Ventures est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 1,8 millions CA$ (1,3 millions US$, 1,2 millions €).

La valeur de son action a atteint son plus haut niveau récent le 15 octobre 2010 à 1,48 CA$, et son plus bas niveau récent le 31 juillet 2015 à 0,04 CA$.

Desert Gold Ventures possède 18 810 000 actions en circulation.

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Rapports annuels de Desert Gold Ventures Inc.
2007 Annual Report
Rapports Financiers de Desert Gold Ventures Inc.
05/07/2011EARLY ADOPTS INTERNATIONAL FINANCIAL REPORTING STANDARDS
Projets de Desert Gold Ventures Inc.
02/02/2009(Goldbanks - Kinross)INITIAL MAIN ZONE DRILLING PROGRAM COMPLETED
21/01/2009(Goldbanks - Kinross)INITIAL KW ZONE DRILLING RESULTS
17/12/2008SUCCESSFULLY TRACES KEY HIGH GRADE FAULT ZONE FOR 1800 FEET ...
Communiqués de Presse de Desert Gold Ventures Inc.
01/10/2015Interim Results
29/09/2015Robust Economics for Joint Venture Project
09/03/2015Operation agreement with Desert Gold Inc.
27/11/2014Desert Gold Ventures Inc. Amends Terms of $500,000 Private P...
25/11/2014Desert Gold Ventures Inc. Renewal of Mali Mining Permits
14/11/2014Desert Gold Ventures Inc. Announces $500,000 Private Placeme...
17/09/2014Desert Gold Ventures Inc. Announces Results of Preliminary E...
03/06/2014Desert Gold Ventures Reports the Mapping of a 24 km2 Anomalo...
02/06/2014Desert Gold Ventures Commences a Mining Feasibility Study on...
22/07/2013Sampling Program on Its Djimbala Project, Mali Uncovers High...
17/06/2013Reports Gold Recoveries in Excess of 90% from Metallurgical ...
05/06/2013Enters Into a Joint Venture Agreement with Toro Gold Ltd for...
23/04/2013Drilling on the First of Six Gold Hosting Mineralised Zones ...
04/02/2013Mali Operations Ongoing and Unaffected by Conflict in the No...
15/01/2013Mali Exploration Program Delivers Excellent Grades; Update o...
15/10/2012Receives Notice of Exercise of Pre-Emptive Right From Kinros...
22/06/2011to Acquire TransAfrika Belgique S.A.
05/06/2009small shareholder program
01/12/2008EARNS 50% INTEREST IN GOLDBANKS PROPERTY
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