Coniagas Resources Limited Files Restated 2007 Financial Statements and Amended Management Discussion and Analysis

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[{"type":"text","content":"\n\n\n\nTORONTO, Oct. 17 /CNW/ - Coniagas Resources Limited (the "Company")\nannounced today that the Ontario Securities Commission ("OSC") has completed\nits continuous disclosure review of the Company and of its financial\nstatements for the periods up to and including June 30, 2008. The Company has\nindicated restated 2007 financial statement comparative figures included in\nthe interim consolidated June 30, 2008 financial statements. The Management\nDiscussion & Analysis ("MD&A") reported at that date also contains the\nrestated figures related to the December 31, 2007 financial statements. Copies\nof these documents have been posted to www.sedar.com.\n\n\nThe financial statements were restated to address the prior period errors\n(See "Changes in Accounting Policies" and "Amendments to Financial Statements\nand MD&A - Prior Period Errors" below). The Company had not adopted the\nstandards set out below when they became effective as it was determined at the\ntime to be unpractical. These standards have now been implemented as of\nJune 30, 2008 and have been applied retrospectively such that the December 31,\n2007 balances included in the interim consolidated financial statements at\nJune 30, 2008 included these restated amounts. As per Handbook Section 1506,\nAccounting Changes, "when an entity changes an accounting policy upon initial\napplication of a primary source of GAAP that does not include specific\ntransitional provisions applying to that change, or changes an accounting\npolicy voluntarily, it shall apply the change retrospectively." As such,\nConiagas has applied the changes in accounting policies retrospectively, as\nprescribed by Canadian GAAP, with an adjustment to "the opening balance of\neach affected component of equity for the earliest prior period presented, and\nthe other comparative amounts disclosed for each prior period presented as if\nthe new accounting policy had always been applied."\n\n\nThe MD&A was revised to reflect the changes to the financial statements,\nand to expand and rectify the overall presentation and disclosure contained\ntherein.\n\n\nChanges in Accounting Policies\n\n\n(a) Capital Disclosures and Financial Instruments - Disclosures and\n Presentation\n\n\nOn December 1, 2006, the Canadian Institute...

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