Brookfield Properties Corp. (BPO, BPO.TO) said that it has been granted exemptive relief from the Canadian securities regulatory authorities to prepare its financial statements in accordance with International Financial Reporting Standards for financial periods beginning on or after January 1, 2010, one year ahead of the mandatory conversion date for Canadian public companies.
In light of the relief granted, the company intends to adopt IFRS commencing with its interim financial statements for the three months ended March 31, 2010. Those financial statements will also include comparative results for the periods commencing January 1, 2009.
Brookfield said it has prepared a comprehensive IFRS conversion plan which addresses changes in accounting policies, the restatement of comparative periods, various education and training sessions on the adoption of IFRS, as well as required changes to business processes and internal controls.
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