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Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 4. Summary of significant accounting policies (continued) Warrants Share issuances that include a warrant are bifurcated into a share and warrant component for accounting purposes. The warrant component is recorded in the ‘share warrant reserve’ and is transferred to share capital upon exercise of the underlying warrant. The fair values of such warrants are determined using the Black-Scholes option pricing model. Comprehensive income (loss) Comprehensive income (loss) comprises the Group’s net income (loss) and other comprehensive income (loss). Other comprehensive income (loss) represents changes in shareholders’ equity during a period arising from non-owner sources and, for the Group, principally includes unrealized gains and losses on available for sale financial assets, net of income taxes. The Group’s comprehensive income (loss), components of other comprehensive income (loss), and accumulated other comprehensive income (loss) are presented in the Consolidated Statement of Comprehensive Loss and the Consolidated Statements of Changes in Equity. 5. Standards issued or amended but not yet effective Standards issued but not yet effective up to the date of issuance of the Group’s financial statements are listed below. This listing is of standards and interpretations issued, which the Group reasonably expects to be applicable at a future date. The Group intends to adopt those standards when they become effective. The Group does not expect the impact of such changes on the financial statements to be material. IFRS 9 Financial Instruments IFRS 9 as issued reflects the first phase of the IASBs work on the replacement of IAS 39 and applies to classification and measurement of financial assets and fair value measurement of financial liabilities to address own credit risk. The standard is effective for years beginning on or after January 1, 2015. The adoption of the first phase of IFRS 9 will have an effect on the classification and measurement of the Group’s financial assets. The Group will quantify the effect in conjunction with the other phases, when issued, to present a comprehensive picture. IFRS 10 Consolidated Financial Statements IFRS 10 is effective for annual periods beginning on or after January 1, 2013. The standard replaces IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation—Special Purpose Entities. The Standard establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities and redefines “control” more concisely. The adoption of this standard is not expected to have any impact on the financial statements of the Group, nor to redefine current relationships as “controlled”. 18
Kiska Metals Corporation Notes to the consolidated interim financial statements March 31, 2012 and 2011 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) 5. Standards issued but not yet effective (continued) IFRS 11 Joint Arrangements IFRS 11 is effective for annual periods beginning on or after January 1, 2013. The standard supersedes IAS 31 Interests in Joint Ventures and SIC-13 Jointly Controlled Entities—Non-Monetary Contributions by Venturers. The standard addresses the definition of a joint arrangement and establishes principles that are applicable to the accounting for all joint arrangements. The adoption of this standard is not expected to have any impact on the financial statements of the Group. IFRS 12 Disclosure of Interests in Other Entities IFRS 12 is effective for annual periods beginning on or after January 1, 2013. The IFRS requires an entity to disclose information that enables users of financial statements to evaluate the nature of, and risks associated with, its interests in other entities; and the effects of those interests on its financial position, financial performance and cash flows. The standard integrates and makes consistent the disclosure requirements for subsidiaries, joint arrangements, associates and unconsolidated structured entities, previously required under IAS 27 Consolidated and Separate Financial Statements, IAS 28 Investments in Associates and IAS 31 Interests in Joint Ventures. The adoption of this standard is expected to require additional disclosures regarding the nature of ownership of the Company’s interest in its subsidiaries, but has yet to be determined by management. IFRS 13 Fair Value Measurement IFRS 13 is effective for annual periods beginning on or after January 1, 2013. The standard combines in a single standard the definition of fair value, thus improving consistency, sets out a framework for measurement of fair value, and outlines the disclosure requirements for items measured at fair value. Management is assessing the impact of adoption of this standard on the Group. 6. Interests in joint ventures Interests in jointly controlled assets Kiska, jointly with other participants, owns certain exploration and production assets. Kiska’s share is detailed below: British Columbia Redton Project Kiska owns an 85% interest in the Alkali Gold Project (“Redton”). Redton Resources Inc. holds the other 15% interest and holds a 3% net smelter Royalty (“NSR”) of which 1.5% can be purchased for $6,000,000 (1% for $1,000,000; 0.5% for $5,000,000). The Takla-Rainbow property which forms part of the Redton Project is subject to a 3% NSR to Lorne Warren which can be purchased for $3,000,000. Kiska is required to make annual advanced royalty payments of $20,000. 19
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<strong>Kiska</strong> <strong>Metals</strong> <strong>Corporation</strong><br />
Notes to the consolidated interim financial statements<br />
March 31, 2012 and 2011<br />
(Expressed in Canadian Dollars)<br />
(Unaudited – Prepared by Management)<br />
4. Summary of significant accounting policies (continued)<br />
Warrants<br />
Share issuances that include a warrant are bifurcated into a share and warrant component for accounting<br />
purposes. The warrant component is recorded in the ‘share warrant reserve’ and is transferred to share<br />
capital upon exercise of the underlying warrant. The fair values of such warrants are determined using<br />
the Black-Scholes option pricing model.<br />
Comprehensive income (loss)<br />
Comprehensive income (loss) comprises the Group’s net income (loss) and other comprehensive income<br />
(loss). Other comprehensive income (loss) represents changes in shareholders’ equity during a period<br />
arising from non-owner sources and, for the Group, principally includes unrealized gains and losses on<br />
available for sale financial assets, net of income taxes. The Group’s comprehensive income (loss),<br />
components of other comprehensive income (loss), and accumulated other comprehensive income (loss)<br />
are presented in the Consolidated Statement of Comprehensive Loss and the Consolidated Statements<br />
of Changes in Equity.<br />
5. Standards issued or amended but not yet effective<br />
Standards issued but not yet effective up to the date of issuance of the Group’s financial statements are<br />
listed below. This listing is of standards and interpretations issued, which the Group reasonably expects<br />
to be applicable at a future date. The Group intends to adopt those standards when they become<br />
effective. The Group does not expect the impact of such changes on the financial statements to be<br />
material.<br />
IFRS 9 Financial Instruments<br />
IFRS 9 as issued reflects the first phase of the IASBs work on the replacement of IAS 39 and applies to<br />
classification and measurement of financial assets and fair value measurement of financial liabilities to<br />
address own credit risk. The standard is effective for years beginning on or after January 1, 2015. The<br />
adoption of the first phase of IFRS 9 will have an effect on the classification and measurement of the<br />
Group’s financial assets. The Group will quantify the effect in conjunction with the other phases, when<br />
issued, to present a comprehensive picture.<br />
IFRS 10 Consolidated Financial Statements<br />
IFRS 10 is effective for annual periods beginning on or after January 1, 2013. The standard replaces IAS<br />
27 Consolidated and Separate Financial Statements and SIC-12 Consolidation—Special Purpose<br />
Entities. The Standard establishes principles for the presentation and preparation of consolidated<br />
financial statements when an entity controls one or more other entities and redefines “control” more<br />
concisely. The adoption of this standard is not expected to have any impact on the financial statements of<br />
the Group, nor to redefine current relationships as “controlled”.<br />
18
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