| When we prepare our financial statements in accordance with Canadian GAAP, we must make certain estimates and assumptions about our business. |
| However, both Canadian GAAP and IFRS include exceptions to this general rule. |
| The actuary might use existing seriatim calculators as an approximation to CALM to establish GAAP policy liabilities at valuation dates. |
| The Group did not recognize goodwill in its IFRS balance sheet since in Swiss GAAP FER it was recognized as a deduction from equity. |
| Currently under GAAP our timberland assets are recorded at cost, less accumulated depletion which is based upon harvested amounts. |
| This guideline harmonizes Canadian and U. S. GAAP, however, due to the differing implementation dates, timing differences continue to exist. |
