JPMorgan - KASE
JPMorgan - KASE JPMorgan - KASE
IMPACT OF NEW AND IMPENDING U.S. GAAP ACCOUNTING STANDARDS Statement Of Financial Accounting Standards No. 141 (“FAS 141”)—Business Combinations In June 2001, the Financial Accounting Standards Board (“FASB”) approved SFAS No 141 “Business Combinations” and issued this statement in July 2001. FAS 141 establishes new standards for accounting and reporting requirements for business combinations and will require that the purchase method of accounting be used for all business combinations initiated after June 30, 2001. Use of the pooling of interest method will be prohibited. Management does not believe that FAS 141 will have a material impact on the Company’s financial statements. Statement Of Financial Accounting Standards No. 142 (“FAS 142”)—Goodwill And Other Intangible Assets In June 2001, the FASB approved SFAS No 142 “Goodwill and Other Intangible Assets”, which supercedes APB Opinion No 17 “Intangible Assets”. The FASB issued this statement in July 2001. FAS 142 establishes new standards for goodwill acquired in a business combination and eliminates amortization of goodwill and instead sets forth the method to periodically evaluate goodwill for impairment. Management does not believe that FAS 142 will have a material impact on the Company’s financial statements. Statement Of Financial Accounting Standards No. 143 (“FAS 143”)—Accounting For Asset Retirement Obligations FAS 143, Accounting for Asset Retirement Obligations, is effective for financial statements issued for fiscal years beginning after June 15, 2002. FAS 143 applies to the legal obligations associated with the retirement of a tangible long-lived asset that result from the acquisition, construction, development and/or the normal operation of a long- lived asset, except for certain obligations of lessees. The Corporation has not yet evaluated the effect that FAS No 143 will have on financial reporting. Statement Of Financial Accounting Standards No. 144 (“FAS 144”)—Accounting For The Impairment Or Disposal Of Long-lived Assets FAS 144, Accounting for the Impairment or Disposal of Long Lived Assets, supersedes both FAS No. 121 and the accounting and reporting provisions of APB Opinion No.30. FAS 144 retains the fundamental provisions of FAS121 for recognizing and measuring impairment losses on longlived assets. FAS 144 retains the basic provisions of Opinion 30 on how to present discontinued operations in the income statement but broadens that presentation to include a component of an entity rather than a segment of a business. FAS 144 is effective for all fiscal years beginning after December 15, 2001. Adoption of FAS 144 on January 2002 will not have a material impact on the Corporation’s financial position or net income. Consolidated Statements Of Income And Deficit Reclassifications Interest and other income is presented within revenue under Canadian GAAP, under the United States GAAP this would be presented as a separate line item after operating income. Interest and financing costs is presented within expenses under Canadian GAAP, under United States GAAP this would be presented as a separate line item after operating income. Unusual items as presented under Canadian GAAP would be included within expenses under United States GAAP. F-17
Management’s Report All information in this annual report is the responsibility of management. The financial statements necessarily include amounts that are based on estimates, which have been objectively developed by management using all relevant information. The financial information contained elsewhere in this report has been reviewed to ensure consistency with the financial statements. Management maintains systems of internal accounting control designed to provide reasonable assurance that assets are safeguarded, transactions are properly authorized and financial records are properly maintained to provide reliable information for the preparation of financial statements. The Audit Committee of the Board of Directors, comprised of three non-management Directors, has reviewed the financial statements with management and Deloitte & Touche. The financial statements have been approved by the Board of Directors on the recommendation of the Audit Committee. (signed) Bernard F. Isautier President and Chief Executive Officer (signed) Nicholas H. Gay Senior Vice President Finance and Chief Financial Officer F-18
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Management’s Report<br />
All information in this annual report is the responsibility of management. The financial<br />
statements necessarily include amounts that are based on estimates, which have been objectively<br />
developed by management using all relevant information. The financial information contained<br />
elsewhere in this report has been reviewed to ensure consistency with the financial statements.<br />
Management maintains systems of internal accounting control designed to provide reasonable<br />
assurance that assets are safeguarded, transactions are properly authorized and financial records<br />
are properly maintained to provide reliable information for the preparation of financial<br />
statements.<br />
The Audit Committee of the Board of Directors, comprised of three non-management Directors,<br />
has reviewed the financial statements with management and Deloitte & Touche. The financial<br />
statements have been approved by the Board of Directors on the recommendation of the Audit<br />
Committee.<br />
(signed)<br />
Bernard F. Isautier<br />
President and Chief Executive Officer<br />
(signed)<br />
Nicholas H. Gay<br />
Senior Vice President Finance and<br />
Chief Financial Officer<br />
F-18
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