Notes
- 1. Cameco Corporation
- 2. Significant Accounting Policies
- 3. Explanation of Transition to IFRS
- 4. Accounting Standards
- 5. Determination of Fair Values
- 6. Use of Estimates and Judgments
- 7. Short-Term Investments
- 8. Accounts Receivable
- 9. Inventories
- 10. Property, Plant and Equipment
- 11. Intangible Assets
- 12. Long-Term Receivables, Investments and Other
- 13. Equity-Accounted Investees
- 14. Accounts Payable and Accrued Liabilities
- 15. Short-Term Debt
- 16. Long-Term Debt
- 17. Finance Lease Obligation
- 18. Other Liabilities
- 19. Provisions
- 20. Share Capital
- 21. Employee Benefit Expense
- 22. Finance Costs
- 23. Other Income
- 24. Income Taxes
- 25. Per Share Amounts
- 26. Statements of Cash Flows
- 27. Share-Based Compensation Plans
- 28. Pension and Other Post-Retirement Benefits
- 29. Financial Instruments and Related Risk Management
- 30. Capital Management
- 31. Commitments and Contingencies
- 32. Segmented Information
- 33. Group Entities
- 34. Jointly Controlled Assets
- 35. Jointly Controlled Entities
- 36. Acquisition of Controlling Interest in UFP Investments LLC (“UFP”)
- 37. Related Parties
4. Accounting Standards
(a) New Standards and Interpretations not yet Adopted
A number of new standards, interpretations and amendments to existing standards are not yet effective for the year ended December 31, 2011, and have not been applied in preparing these consolidated financial statements. The following standards, amendments to and interpretations of existing standards have been published and are mandatory for Cameco's accounting periods beginning on or after January 1, 2013:(i) Financial Instruments
In October 2010, the IASB issued IFRS 9, Financial Instruments ("IFRS 9"). This standard is effective for periods beginning on or after January 1, 2015 and is part of a wider project to replace IAS 39, Financial Instruments:Recognition and Measurement. IFRS 9 replaces the current multiple classification and measurement models for financial assets and liabilities with a single model that has only two classification categories: amortized cost and fair value. The basis of classification depends on the entity's business model and the contractual cash flow characteristics of the financial asset or liability. The guidance in IAS 39 on impairment of financial assets and hedge accounting continues to apply. Cameco is assessing the impact of this new standard on its financial statements.(ii) Consolidated Financial Statements
In May 2011, the IASB issued IFRS 10, Consolidated Financial Statements ("IFRS 10"). This standard is effective for periods beginning on or after January 1, 2013 and establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10 defines the principle of control and establishes control as the basis for determining which entities are consolidated in the consolidated financial statements. Cameco is assessing the impact of this new standard on its financial statements.(iii) Joint Arrangements
In May 2011, the IASB issued IFRS 11, Joint Arrangements ("IFRS 11"). This standard is effective for periods beginning on or after January 1, 2013 and establishes principles for financial reporting by parties to a joint arrangement. IFRS 11 requires a party to assess the rights and obligations arising from an arrangement in determining whether an arrangement is either a joint venture or a joint operation. Joint ventures are to be accounted for using the equity method while joint operations will continue to be accounted for using proportionate consolidation. Cameco is assessing the impact of this new standard on its financial statements.(iv) Disclosure of Interests in Other Entities
In May 2011, the IASB issued IFRS 12, Disclosure of Interests in Other Entities ("IFRS 12"). This standard is effective for periods beginning on or after January 1, 2013 and applies to entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity. IFRS 12 integrates and makes consistent the disclosure requirements for a reporting entity's interest in other entities and presents those requirements in a single standard. Cameco is assessing the impact of this new standard on its financial statements.(v) Fair Value Measurement
In May 2011, the IASB issued IFRS 13, Fair Value Measurement ("IFRS 13"). This standard is effective for periods beginning on or after January 1, 2013 and provides additional guidance where IFRS requires fair value to be used.IFRS 13 defines fair value, sets out in a single standard a framework for measuring fair value and establishes the required disclosures about fair value measurements. Cameco is assessing the impact of this new standard on its financial statements.(vi) Employee Benefits
In June 2011, the IASB issued an amended version of IAS 19, Employee Benefits ("IAS 19"). This amendment is effective for periods beginning on or after January 1, 2013 and eliminates the 'corridor method' of accounting for defined benefit plans. Revised IAS 19 also streamlines the presentation of changes in assets and liabilities arising from defined benefit plans, and enhances the disclosure requirements for defined benefit plans. Cameco is assessing the impact of this revised standard on its financial statements.(vii) Presentation of Other Comprehensive Income
In June 2011, the IASB issued an amended version of IAS 1, Presentation of Financial Statements ("IAS 1"). This amendment is effective for periods beginning on or after January 1, 2012 and requires companies preparing financial statements in accordance with IFRS to group together items within OCI that may be reclassified to the profit or loss section of the statement of earnings. Revised IAS 1 also reaffirms existing requirements that items in OCI and profit or loss should be presented as either a single statement or two consecutive statements. Cameco is assessing the impact of this revised standard on its financial statements.