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Notes to Consolidated Financial Statements 

Year ended December 31, 2011 

## Notes to the reconciliations 

(a) Previously under GAAP, the Company accounted for share based payments by allocating expenses for each option issuance on a straight-line basis. Under IFRS, the related expense has been adjusted to reflect graded vesting of the outstanding share-based payments. Additionally, payments in lieu of dividends on RSUs were previously expensed under GAAP and now are recorded as dividends under IFRS. The impact arising from the change is summarized as follows: 

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(b) Previously under GAAP, as a result of accounting for a reverse takeover in July 2008, the Company recorded a deferred credit on its Balance Sheet. IFRS does not recognize the existence of the deferred credit thus it is immediately written off against retained earnings. The impact arising from the change is summarized as follows: 

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(c) In accordance with IFRS, financial assets designated as available-for-sale have been recognized at fair value. Under GAAP, these assets were previously carried at cost. The impact arising from the change is summarized as follows: 

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(d) In accordance with IFRS, no deferred income tax balances are shown as current on the consolidated statement of financial position. 

