2014 Income Tax Accounting and Reporting. Corporate Income Tax Update

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1 March 11-12, 2014 Calgary 2014 Income Tax Accounting and Reporting Current Developments and Effective Compliance for Interim and Year-End Financial and Tax Reporting March 13, 2014 Calgary Corporate Income Tax Update Current Issues in Taxation, Tax Compliance and Tax Controversy Prepare for current fiscal year end reporting Identify key IFRS tax and tax accounting issues Obtain the latest information on recent and pending tax developments Hear about compliance and disclosure challenges Earn up to CPE Hours Income Tax Accounting and Reporting hours Corporate Income Tax Update hours Both Events hours F u l l P r o g r a m D e t a i l s I n s i d e R e g i s t e r N o w! C a l l ( ) ) , F a x ( ) ) o r o n l i n e : w w w. a c u m e n i n f o r m a t i o n. c o m

2 e n i r m c o m Information You Can Put To Work - Comments From Past Delegates Very good presenters all material tied together. Well organized seminar. Manager Corporate Tax Husky Energy Inc....a very good, timely conference. Director Taxation Canwest Global The contents were overall very good... Manager, Tax Reporting and Compliance MDS Inc. Top class expertise on the issues from a good variety of backgrounds. They are excellent speakers and made a difficult subject understandable. Very well organized and the topic was well-covered. Assistant Treasurer SNC-Lavalin Met all my expectations GREAT course. Manager Taxation and Special Projects Tundra Oil & Gas The best of the courses I have taken this year. Tax Advisor Encana Good content, a lot of real life examples. Knowledgeable speakers. Director of Finance Ontario Energy Savings Corp. Event Summary 2014 Income Tax Accounting and Reporting delivers timely industry-specific information on tax accounting and reporting issues related to domestic and international operations including: IFRS tax provision process including a calculation example Effective use of tax provision software identifying common problems Determining outside basis differences Establishing acceptable valuation allowances Annual income tax disclosures and accounting for interim reporting Corporate tax governance, compliance and risk-based audits Documents, privilege and tax transparency tax litigation considerations Foreign currency tax accounting Current tax issues for financial instruments and financial transactions Income tax accounting for global/international operations Tax risk exposures under different GAAP identification and accounting Recent tax changes and related impact on tax provisions including foreign affiliate tax rule Corporate Income Tax Update is tailored to meet your immediate information needs for tax compliance in today s environment. This conference will provide an up-to-date examination of critical issues as well as prospective issues that you need to be aware of now, including Corporate tax update on Federal, Provincial and CRA developments Update on taxation of partnerships and joint ventures Tax matters arising from purchase and sale transactions Audits and tax controversy what to expect and how to respond GST-HST issues current practice issues and hot buttons Issues and interpretations related to employment and compensation Chief Financial Officers VPs, Directors and Managers of -Tax -Finance -Accounting -Financial Reporting -Regulatory Compliance Controllers Internal Auditors Who Should Attend Audit Committee Members Audit and Assurance Professionals Industry Regulators and Standard Setters Financial Analysts Tax Lawyers and Accountants REGISTER NOW! Visit the Acumen Information Services Website for: Easy on-line registration Quick access to speakers and firm websites Leaving questions to be answered at the conference A complete calendar of Acumen events C a l l ( ) , F a x ( ) l i a c u m a t i o r o n n e : w w w. n f o o n.

3 CONFERENCE AGENDA P r o g r a m : M a r c h 11 9:00 a.m. - 9:05 a.m. Welcome and Opening Remarks from the Chair Steven Saunders, Director, Taxation, ATCO Group of Companies 9:05 a.m. - 10:00 a.m. The IFRS Tax Provision Process A Calculation Example Jennifer Ward, Senior Manager, Ernst & Young LLP Working through the tax provision process using an example Issues encountered in 2013 year-end tax provisioning Assessing recoverability of deferred tax assets Reconciliation of tax accounts Common problems in compliance -documentation of reserves -filed/provided adjustments -valuation allowances -interim reporting Preparation of schedules Interrelationship of schedules Issues to consider for True-Up of the Provision 10:00 a.m. - 10:50 a.m. Effective Use of Tax Provision Software - System Comparison and Common Problems Louis Teuscher, Vice President, Global Tax, Talisman Energy Arthur Driedger, Partner, Tax, Deloitte LLP This session will examine tax provision software with commentary on the major system available for generating the tax provision. In addition, the session will look at how specific oil and gas challenges are addressed by different software packages. 10:50 a.m. - 11:10 a.m. Morning Networking Break 11:10 a.m. - 12:00 p.m. Determining Outside Basis Differences Leslie O Leary, Director Tax Reporting, Enbridge Understanding the terminology -outside basis vs inside basis -foreign investment vs domestic investment -basis difference vs temporary difference -unremitted earnings Classification of investments Domestic investments the general rule Foreign investments the general rule Exceptions to the general rule(s) Supporting an indefinite reversal assertion Subsequent change in assertion Investments in partnerships & Variable Interest Entities The Decision Tree Analysis Subsequent changes in classification or level of investment Disclosure requirements Key GAAP differences US GAAP vs IFRS 12:00 p.m. - 1:15 p.m. Luncheon 1:15 p.m. - 2:00 p.m. Valuation Allowances - Key Issues for US Reporting Entities Andrew Wedel, Manager Tax Reporting, Enbridge What is a Valuation Allowance for US GAAP purposes? Assessing the need for a Valuation Allowance -evidence of taxable income to be considered Sources of Taxable income -taxable income in prior carryback years -future reversals of existing temporary differences -tax-planning strategies -future taxable income Weighting of available evidence Comparison to IFRS 2:00 p.m. - 2:50 p.m. Annual Income Tax Disclosures and Interim Reporting David Pope, Senior Manager, Ernst & Young LLP Update on IFRS tax disclosures required for annual reporting Presentation of tax disclosures -balance sheet accounts -income statement accounts -examples of tax note disclosures Regulatory disclosures and MD&A for tax-related disclosures Understanding IAS 34 for interim reporting of tax accounting -annual effective tax rate -computation of interim period tax/benefit -reversal of temporary differences -changes in judgment or new interpretations of information -intraperiod allocations Accounting for tax events occurring during an interim period 2:50 p.m. - 3:10 p.m. Afternoon Network Break 3:10 p.m. - 4:00 p.m. Tax Governance, Compliance and Risk-Based Audits Paul Lynch, Partner, KPMG LLP Overview of CRA risk-based audit program -what can we expect in future interviews? Implications of CRA risk-based audit program for compliance -how will risk categories be assessed? -what are the current risk grades assigned to the large file population? -how will your category affect your audit risk and coverage? -what changes can you make to improve your assessment CRA criteria for an effective tax governance structure -what will be viewed as an effective governance structure? -proving effective tax governance to the CRA -how good tax governance impacts the filer/cra relationship -how much information transparency is expected? -what are others doing and how should I prepare? 4:00 p.m. - 5:00 p.m. Documents, Privilege and Tax Transparency: A Tax Litigation Perspective Patrick Lindsay, Partner, Borden Ladner Gervais LLP Privilege primer -understanding source of privilege -waivers -exceptions in tax practice

4 2014 Income Tax Accounting & Reporting March Document access disputes -common disputes -common resolutions Disclosure of Tax Risk Assessments - CRA policy & U.S. practice Recent cases P r o g r a m : M a r c h 1 2 9:00 a.m. - 9:05 a.m. Opening Remarks from the Chair Steven Saunders, Director, Taxation, ATCO Group of Companies 9:05 a.m. - 10:00 a.m. Foreign Currency Tax Accounting Chung Wang, Senior Manager, PricewaterhouseCoopers LLP Consolidation of taxes under IFRS Basic methodology for calculating a consolidated tax provision Current issues for tax group consolidations Classification of legal entities and the impact on the effective tax rate Calculation of the tax provision for subsidiaries and the concept of inside basis differences Accounting for investments in foreign subsidiaries and the concept of outside basis differences, highlighting the effect of recent Federal proposals and regulations Intercompany transactions: measurement and classification of prepaid taxes Foreign currency translation: reporting and functional currency Accounting for acquisition and disposition of foreign subsidiaries Flow-through entities and partnerships Consolidation disclosure requirements 12:00 p.m. - 1:00 p.m. Luncheon Arthur Driedger, Partner, Tax, Deloitte LLP Understanding the foreign currency translation process -local currency as functional currency -foreign currency as functional currency -events and transactions requiring a currency translation Accounting for foreign currency transactions and balance Tax accounting for foreign currency translation -adjustments on outside basis differences -income of branches and subsidiaries -currency gains/losses of branches and subsidiaries -hedging considerations - deferred tax balance -investment in foreign subsidiary -functional currency is the reporting currency -foreign deferred tax assets Changes in functional currency Disclosures arising from currency related tax issues 10:00 a.m. - 10:45 a.m. Current Tax Issues for Financial Instruments and Financial Transactions Dawn Munro, Senior Manager, KPMG LLP Understanding legal and accounting concepts of financial instruments for tax purposes Review of common financial instruments Examination of derivatives and their accounting treatment Impact of IFRS 9 on tax accounting for financial instruments and hedge accounting Tax treatment of derivatives Recent tax developments related to -contingent debt -thin capitalization -stapled securities -shareholder loans -guarantee payments and interest 10:45 a.m. - 11:00 a.m. Morning Networking Break 11:00 a.m. - 12:00 p.m. Income Tax Accounting for Global/International Operations Yuri Revenko, Senior Manager, PricewaterhouseCoopers LLP 1:00 p.m. - 2:00 p.m. Income Tax Accounting for Asset Retirement Obligations Arthur Driedger, Partner, Deloitte LLP Initial measurement issues examination of temporary differences Issues arising from differing treatment of deferred tax assets and deferred tax liabilities Tax issues in establishing current market assessments of obligations Initial recognition and subsequent measurement implications for tax accounts Ongoing remeasurement requirements and related tax impact resulting from changes in estimates Timing of deduction of ARO expenses ARO obligations and calculation of royalties 2:00 p.m. - 2:50 p.m. Tax Risk Exposures Under Different GAAP Identification and Accounting Genevieve Groulx, Senior Manager, PricewaterhouseCoopers LLP Sources of tax differences under IFRS, U.S. GAAP -exceptions in IAS 12 not in ASC 740 -exceptions in ASC 740 not in IAS 12 -investments in subsidiaries -interests in joint ventures Uncertainty in income taxes -diversity in practice under IFRS single point best estimate v. probability weighted amount Unrecognized tax benefits and exposures How to account for tax risk exposures -a high level consideration of where the CRA might look Other sources of tax risk arising from GAAP differences 2:50 p.m. - 3:45 p.m. Recent Tax Changes and Impact on the Tax Provision Including the New Foreign Affiliate Tax Rules Les Der, Senior Manager, KPMG LLP Update on recent changes in corporate taxation and the impact on tax accounting -foreign affiliate tax rules including dumping R e g i s t e r N o w! C a l l ( ) , F a x ( ) o r o n l i n e

5 Corporate Income Tax Update March 13, 2014 regulations -changes affecting tax structures Consequences of FAPI rules changes for global consolidation -affects on outside basis differences Where do accounting changes go? -P&L -equity P r o g r a m : M a r c h 1 3 9:00 a.m. - 9:05 a.m. Welcome and Opening Remarks from the Chair Deirdre Choate, Vice President Tax, Husky Energy 9:05 a.m. - 10:00 a.m Corporate Tax Provincial and Federal Update Anthony Strawson, Partner, Felesky Flynn LLP Robert Lee, Associate, Felesky Flynn LLP Recently inacted Budget 2013 legislation including: -character conversion rules -synthetic disposition rules -corporate attribute trading restrictions -thin capitalization rules Significant cases CRA interpretations, rulings and determinations to be aware of 10:00 a.m. - 11:00 a.m. Current Tax Issues Affecting Partnerships and Joint Ventures Carrie Aiken, Partner, Blakes LLP Review of partnership tax rules and how they have been interpreted and applied Understanding the impact of new partnership rules on partnerships and joint ventures Criteria of partnerships and joint ventures ensuring proper corporate structures Implications of deemed change in status by CRA or auditors Highlighting differences in terminology and concepts between accounting and tax rules Use of partnerships in tax planning 11:00 a.m. - 11:15 a.m. Morning Networking Break 11:15 a.m. - 12:15 p.m. Tax Matters Arising From Purchase and Sale Transactions Beau Young, Senior Manager, Ernst & Young LLP M&A tax trends and observations - global EY survey Understanding tax due diligence for transactions Key tax risk areas in M&A Integrating tax findings with business transaction Key tax issues of note in recent transactions 12:15 p.m. - 1:15 p.m. Luncheon 1:15 p.m. - 2:15 p.m. Audits and Tax Controversy What To Expect and How To Respond Jean-Philippe Couture, Associate, Borden Ladner Gervais LLP Current trends and hot buttons in CRA audit practice -scope of new CRA audits -requests and requirements to comply -education letters and compliance letters Audit approach for small and medium-sized businesses Proper steps for responding and complying Issues around privilege and auditors working papers Responding to desk audit requests -who should be involved and what should be remitted? -can requests be questioned or challenged? Working with the CRA risk rating system Practical issues around tax risk management and risk audits What can be expected down the road? 2:15 p.m. - 3:15 p.m. GST-HST Issues Current Practice and Hot Buttons Andrew Azmudeh, Senior Associate, Couzin Taylor LLP Update on GST/HT for BC, Quebec, etc. Review of GST/HST audits common errors Highlighting items where GST/HST should be charged but often gets overlooked Issues to address in undertaking inter-provincial trade Understanding Federal Place of Supply rules and related provincial rules Management/intercompany fees Current issues in compliant GST/HST documentation for input tax credits Recaptured input tax credits PST issues Issues raised by cloud computing and online business transactions 3:15 p.m. - 3:30 p.m. Afternoon Networking Break 3:30 p.m. - 4:30 p.m. Issues and Interpretations Related to Employment and Compensation Heather DiGregorio, Associate, Burnet, Duckworth and Palmer LLP Examination of CRA rules and interpretations regarding independent contractors Difference between Personal Service Businesses and Incorporated Contractor Identification of risks to parties of CRA disallowance of independent contractor status Penalties and costs of contractors being deemed employees Tips and tactics to ensure contractors will be viewed as contractors Tax effective employee compensation plans -equity compensation -equity-like compensation and benefits -providing corporate shares to employee RRSP/TFSA via purchase or contribution -tax differences to employees of receiving bonus or earnings per share S A V E U P T O $ : w w w. a c u m e n i n f o r m a t i o n. c o m S P E C I A L E A R L Y B I R D O F F E R!

6 FAX THIS REGISTRATION FORM NOW TO (416) P l e a s e p h o t o c o p y t h i s f o r m f o r a d d i t i o n a l d e l e g a t e s c a n n o t a t t e n d b u t p l e a s e k e e p m e i n f o r m e d o f f u t u r e e v e n t s T i t l e C o m p a n y A d d r e s s i t y P o s t a l o d e T e l e p h o n e ( ) F a x ( ) E u m a i l A d d r e s s o m p a n y s m a i n l i n e o f b u s i n e s s N u m b e r o f e m p l o y e e s o n s i t e l e a s e d o n o t o b s c u r e a d d r e s s i n f o r m a t i o n e g i s t e r M e F o r : Check One Registration Options Income Tax Update Only $ 1, GST $ 1, GST $ 1, GST l e a s e r e g i s t e r m e w i t h t h e e a r l y º b i r d d i s c o u n t e d s F e b r u a r y 1 1, ) P l e a s e C h a r g e t o m y IS A A S T E R C A R D 2014 Income Tax Accounting and Reporting Corporate Income Tax Update Before January 23, 2014 Before February 11, / 2 Acumen Information Services Suite 410, 6 Adelaide Street E. Toronto, ON, M5C 1H6 HST No. R After February 11, Tax Accounting Only $ 1, GST $ 2, GST $ 2, GST Tax Accounting & Update $ 2, GST $ 2, GST $ 3, GST Income Tax Accounting and Reporting hours Corporate Income Tax Update 6.00 hours Both Events hours E G I S T E R N O W ï H E R E S H O W! 1. Fax: (416) Mail: Acumen Information Services Suite 410, 6 Adelaide Street E. Toronto, ON, M5C 1H CPE Hours Available info@acumeninformation.com 4. On Line: 5. Phone: (416) Register prior to February 11, 2014 and you will obtain the following savings: Second delegate: Third delegate: Fourth delegate: a r l y B i r d S p e c i a l $100 Discount $150 Discount FREE G R O U P D I S C O U N T F o u r t h D e l e g a t e F r e e! C a r d N u m b e r : E x p i r y D a t e : _ S i g n a t u r e : S e c u r i t y N o h e q u e e n c l o s e d, p a y a b l e t o A c u m e n I n f o r m a t i o n S e r v i c e s e a s e i n v o i c e m e L o c a t io n a n d A c c o m m o d a t io n h e c o n f e r e n c e w i l l b e h e l d a t a c o n v e n i e n t l o c a t i o n i n d o w n t o w n C a l g a r y. V e n u e i n f o r m a t i o n a n d s p e c i a l c o n f e r e n c e a c c o m m o d a t i o n p r i c i n g d e t a i l s w i l l b e p r o v i d e d u p o n c o n f i r m a t i o n o f t h e v e n u e. D e l e g a t e s c a n r e g i s t e r a t t h e A c u m e n s e r v i c e d e s k b e g i n n i n g a t 8 : 0 0 a. m. o n t h e m o r n i n g o f t h e f i r s t d a y o f t h e c o n f e r e n c e. R e g i s t r a t i o n f e e s d o n o t i n c l u d e h o t e l a c c o m m o d a t i o n. S a v i n g s o n A i rf a re e h a v e a p p o i n t e d A i r C a n a d a a s t h e o f f i c i a l a i r l i n e f o r t h i s e v e n t. S i m p l y c o n t a c t A i r C a n a d a s N o r t h A m e r i c a t o l l f r e e n u m b e r a t o r y o u r t r a v e l a g e n t a n d t a k e a d v a n t a g e o f S p e c i a l D i s c o u n t e d A i r f a r e s. O u r c o n v e n t i o n n u m b e r i s E 4 N W X D Q 1. B y e n s u r i n g t h i s c o n v e n t i o n n u m b e r a p p e a r s o n y o u r t i c k e t, y o u w i l l b e s u p p o r t i n g A c u m e n i n p r o v i d i n g t h e s e s e r v i c e s. Y o u r R e g is t ra t io n I n c l u d e s e g i s t r a t i o n f e e s i n c l u d e a l l c o n f e r e n c e m a t e r i a l s, c o n t i n e n t a l b r e a k f a s t, l u n c h a n d r e f r e s h m e n t s. P a r k i n g a n d a c c o m m o d a t i o n a r e n o t i n c l u d e d. F R E E C O N F E R E N C E W O R K B O O K A s a r e g i s t e r e d d e l e g a t e, y o u w i l l r e c e i v e a c o m p l e t e s e t o f c o n f e r e n c e If three individuals from one organization register at the same time, a fourth person may also be registered to attend free of charge. The free registration must be of equal or lesser value than the paid registrations. Please contact us to arrange for attendance of larger groups. m a t e r i a l s. T h e s e m a t e r i a l s w i l l s e r v e a s a n i n v a l u a b l e g u i d e, b o t h d u r i n g a n d a f t e r t h e e v e n t. T h e w o r k b o o k w i l l b e d i s t r i b u t e d o n t h e m o r n i n g o f t h e f i r s t d a y b e g i n n i n g a t 8 : 0 0 a. m. C a n c e l la t io n P o l ic y u b s t it u t io n s m a y b e m a d e a t a n y t i m e I f y o u a r e u n a b l e t o a t t e n d, p l e a s e m a k e c a n c e l l a t i o n s i n w r i t i n g a n d f a x t o ( ) p r i o r t o 5 : 0 0 p. m. F e b r u a ry 5, A c r e d i t v o u c h e r w i l l b e i s s u e d t o y o u f o r t h e f u l l a m o u n t, r e d e e m a b l e a g a i n s t a n y o t h e r A c u m e n c o n f e r e n c e. I f y o u p r e f e r, y o u m a y f o r a r e f u n d o f f e e s p a i d l e s s $ a d m i n i s t r a t i o n f e e. R e g i s t r a n t s w h o c a n c e l a f t e r t h e a b o v e d a t e w i l l n o t b e e l i g i b l e t o r e c e i v e a n y c r e d i t s o r r e f u n d s a n d a r e l i a b l e f o r t h e e n t i r e r e g i s t r a t i o n f e e s. C o n f i r m e d d e l e g a t e s w h o d o n o t c a n c e l b e f o r e a n d f a i l t o a t t e n d, w i l l b e l i a b l e f o r t h e e n t i r e r e g i s t r a t i o n f e e s. D u p l ic a t e M a i l i n g s o r I n c o r re c t I n f o r m a t io n P l e a s e a d v i s e u s i f y o u r e c e i v e a d u p l i c a t e m a i l i n g o f t h i s b r o c h u r e o r i f y o u w o u l d l i k e u s t o c h a n g e a n y o f t h e m a i l i n g i n f o r m a t i o n s h o w n o n t h e b r o c h u r e. P l e a s e f a x u s a c o p y o f t h e r e g i s t r a t i o n f o r m w i t h t h e c h a n g e s y o u w o u l d l i k e u s t o m a k e. P l e a s e p a s s t h e a d d i t i o n a l c o p y o n t o a c o l l e a g u e. T h e A C U M E N Q u a l i t y G u a r a n t e e f y o u f i n d t h a t t h i s e v e n t d o e s n o t m e e t t h e h i g h q u a l i t y s t a n d a r d s y o u e x p e c t f r o m t h i s e v e n t, w e w i l l i s s u e y o u a l e t t e r o f c r e d i t e q u a l t o t h e v a l u e o f t h e e v e n t. T h e i n d i v i d u a l d e l e g a t e o r a n y m e m b e r o f h i s o r h e r c o m p a n y m a y u s e t h i s l e t t e r o f c r e d i t f o r t w o y e a r s f r o m d a t e o f i s s u e. W r i t e u s a l e t t e r d e s c r i b i n g w h y y o u w e r e d i s s a t i s f i e d a n d d i r e c t i t t o t h e G e n e r a l M a n a g e r. A c u m e n I n f o r m a t i o n S e r v i c e s r e s e r v e s t h e r i g h t t o c h a n g e t h e d a t e, l o c a t i o n a n d c o n t e n t f o r t h e e v e n t ( s ) o f f e r e d h e r e i n w i t h o u t f u r t h e r n o t i c e a n d a s s u m e s n o l i a b i l i t y f o r s u c h c h a n g e s.

IFRS 9 Hedging and Hedge Accounting Oil & Gas Reporting Update

September 9 10, 2014 Calgary IFRS 9 Hedging and Hedge Accounting Earn up to 17.5 Hours CPE Credits Manage Risk and Financial Statement Volatility Using the Simplified Rules of IFRS 9 September 11, 2014