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JAYDEN RECEIVES APPROVAL FOR EARLY ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
JAYDEN RECEIVES APPROVAL FOR EARLY ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
About this update from Jayden Resources Inc
[{"type":"text","content":"\nJAYDEN RECEIVES APPROVAL FOR EARLY ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS\n\n\n Aug. 20, 2010 (TheNewswire.ca) -- Vancouver, B.C., August 20, 2010; Jayden Resources Inc. (OOTC:PNMLF) (TSXV:JDN) (JDN:TSX-V, \"Jayden\" or \"the Company\") announces that its application for an exemption from the requirement under National Instrument 52-107 to prepare financial statements in accordance Canadian Generally Accepted Accounting Principles (\"GAAP\"), in order to facilitate early adoption by the Company of International Financial Reporting Standards (\"IFRS\"), has been approved by the British Columbia and Ontario Securities Commissions. The Company has chosen to adopt IFRS early and will commence reporting under these standards beginning January 1, 2010, with a January 1, 2007 date of transition (the \"Transition Date\"). Comparative periods for fiscal 2007, 2008 and 2009 will also be restated under IFRS.In February 2008, the Canadian Accounting Standards Board confirmed that IFRS will replace existing Canadian GAAP (\"GAAP\") for all publicly accountable enterprises for financial periods beginning on and after January 1, 2011, with the option available for companies to early adopt upon receipt of approval from applicable Canadian Securities Administrators.The Company currently has one subsidiary incorporated in British Columbia but may in the future incorporate or acquire subsidiaries abroad. Adoption of IFRS will generally permit the Company to apply a single accounting standard internationally. The Company expects that use of a single accounting standard will reduce costs and streamline financial reporting by developing common reporting systems and consistency across any future subsidiaries that it may establish abroad. In addition, the Company anticipates that its investors who are resident outside Canada in jurisdictions that already permit financial statement to be prepared in accordance IFRS will benefit from the Company's early adoption of IFRS.IFRS ConversionThe 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 engaged external consultants...