FIRST FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS

1(a) IFRSs Are Adopted for Financial Statement Periods Ending Prior to
December 14, 2010 — Auditor’s Report Refers to Each Period for
which Financial Statements Are Presented

• The financial statement period for the first financial statements
prepared in accordance with IFRSs is the year ended December 31,
2009.
• The auditor’s report refers to each period for which financial
statements are presented.
• The audit is conducted in accordance with Canadian GAAS prior to
the effective date of the CASs.
(Please read Introduction to Illustrative Reports)
1. The entity’s first financial statements prepared in accordance with
IFRSswould include the entity’s statement of financial position as
at:
(a) December 31, 2009;
(b) December 31, 2008; and
(c) January 1, 2008 (opening statement of financial position
prepared in accordance with IFRSs).
2. The auditor may have performed an audit of the entity’s financial
statements prepared in accordance with pre-changeover
accounting standards for the years ended December 31, 2008 and
December 31, 2007. However, these financial statements are not
included in the first financial statements of the entity prepared
in accordance with IFRSs. Rather, the first financial statements
prepared in accordance with IFRSs include the financial statements
for the year ended December 31, 2008 and the January 1, 2008
opening statement of financial position prepared in accordance
with IFRSs. Unless specifically engaged to do so, the auditor will
not have audited and reported on these financial statements.
Accordingly, in order for the auditor’s report to refer to each
period for which financial statements are presented, the auditor
would need to audit the financial statements for the year ended
December 31, 2008 and the January 1, 2008 opening statement of
financial position prepared in accordance with IFRSs.
3. Section 5400, The Auditor’s Standard Report, requires that in
the opinion paragraph the auditor express his or her opinion as
to whether the financial statements present fairly, in all material
respects, the financial position, results of operations and cash flows
of the entity in accordance with Canadian GAAP. (Refer to Q&A
1(b) in this Guide for guidance on the form of opinion.)
4. This Illustrative Report is based on Example A in Assurance
and Related Services Guideline AuG-8, Auditor’s Report on
Comparative Financial Statements, which provides guidance
when the auditor’s report is extended to the comparative financial
statements.
AUDITOR’S REPORT
[Appropriate Addressee]
We have audited the statements of financial position of ABC Company
as at December 31, 2009, December 31, 2008 and January 1, 2008,
and the statements of comprehensive income, statements of changes
in equity and statements of cash flows for the years ended December
31, 2009 and December 31, 2008. These financial statements are the
responsibility of the company’s management. Our responsibility is to
express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with Canadian generally
accepted auditing standards. Those standards require that we plan and
perform an audit to obtain reasonable assurance whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing
the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation.
In our opinion, these financial statements present fairly, in all material
respects, the financial position of ABC Company as at December
31, 2009, December 31, 2008 and January 1, 2008, and its financial
performance and its cash flows for the years ended December 31, 2009
and December 31, 2008 in accordance with International Financial
Reporting Standards.
[Auditor’s signature]
[Date of the auditor’s report]
[Auditor’s address]

1(b) IFRSs Are Adopted on the Effective Date — Auditor’s Report Refers to
Each Period for which Financial Statements Are Presented

• The financial statement period for the first financial statements
prepared in accordance with IFRSs is the year ended December 31,
2011.
• The auditor’s report refers to each period for which financial
statements are presented.
• The audit is conducted in accordance with Canadian Auditing
Standards.
(Please read Introduction to Illustrative Reports)
1. The entity’s first financial statements prepared in accordance with
IFRSs would include the entity’s statements of financial position as
at:
(a) December 31, 2011;
(b) December 31, 2010; and
(c) January 1, 2010 (opening statement of financial position
prepared in accordance with IFRSs).
2. The auditor may have performed an audit of the entity’s financial
statements prepared in accordance with pre-changeover
accounting standards for the years ended December 31, 2010 and
December 31, 2009. However, these financial statements are not
included in the first financial statements of the entity prepared
in accordance with IFRSs. Rather, the first financial statements
prepared in accordance with IFRSs include the financial statements
for the year ended December 31, 2010 and the January 1, 2010
opening statement of financial position prepared in accordance
with IFRSs. Unless specifically engaged to do so, the auditor will
not have audited and reported on these financial statements.
Accordingly, in order for the auditor’s report to refer to each
period for which financial statements are presented, the auditor
would need to audit the financial statements for the year ended
December 31, 2010 and the January 1, 2010 opening statement of
financial position prepared in accordance with IFRSs.
3. Under paragraph 6(c) of CAS 710, Comparative Information —
Corresponding Figures and Comparative Financial Statements, the
comparative information is “comparative financial statements”.
Comparative financial statements are included for comparison
with the financial statements of the current period. The level of
information included in those comparative financial statements
is comparable with that of the financial statements of the current
period. This Illustrative Report is based on Illustration 4 in CAS 710.
INDEPENDENT AUDITOR’S REPORT
[Appropriate Addressee]
We have audited the accompanying financial statements of ABC
Company, which comprise the statements of financial position as at
December 31, 2011, December 31, 2010 and January 1, 2010, and the
statements of comprehensive income, statements of changes in equity
and statements of cash flows for the years ended December 31, 2011
and December 31, 2010, and a summary of significant accounting
policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of
these financial statements in accordance with International Financial
Reporting Standards, and for such internal control as management
determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits in accordance with
Canadian generally accepted auditing standards. Those standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained in our audits is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material
respects, the financial position of ABC Company as at December 31,
2011, December 31, 2010 and January 1, 2010, and its financial
performance and its cash flows for the years ended December 31, 2011
and December 31, 2010 in accordance with International Financial
Reporting Standards.
[Auditor’s signature]
[Date of the auditor’s report]
[Auditor’s address]

1(c) IFRSs Are Adopted on the Effective Date — Auditor’s Report Refers to
the Current Period Only

• The financial statement period for the first financial statements
prepared in accordance with IFRSs is the year ended December 31,
2011.
• The auditor’s report refers to the current period only.
• The audit is conducted in accordance with Canadian Auditing
Standards.
(Please read Introduction to Illustrative Reports)
1. The entity’s first financial statements prepared in accordance with
IFRSs would include the entity’s statements of financial position as
at:
(a) December 31, 2011;
(b) December 31, 2010; and
(c) January 1, 2010 (opening statement of financial position
prepared in accordance with IFRSs).
2. The auditor may have performed an audit of the entity’s financial
statements prepared in accordance with pre-changeover
accounting standards for the years ended December 31, 2010 and
December 31, 2009. However, these financial statements are not
included in the first financial statements of the entity prepared
in accordance with IFRSs. Rather, the first financial statements
prepared in accordance with IFRSs include the financial statements
for the year ended December 31, 2010 and the January 1, 2010
opening statement of financial position prepared in accordance
with IFRSs. Unless specifically engaged to do so, the auditor will
not have audited and reported on these financial statements.
The auditor will have performed procedures with respect to
the comparative information as required by paragraph 7-9 of
CAS 710, Comparative Information — Corresponding Figures and
Comparative Financial Statements, but these procedures are not
necessarily themselves sufficient for the auditor to opine on the
comparative information.
3. Under paragraph 6(b) of CAS 710 the comparative information is
“corresponding figures”. Corresponding figures are amounts and
disclosures for the prior period included as an integral part of the
current period financial statements, and are intended to be read
only in relation to the amounts and other disclosures relating to the
current period (referred to as “current period figures”). The level
of detail presented in the corresponding amounts and disclosures
is dictated primarily by its relevance to the current period figures.
This Illustrative Report is based on Illustration 3 in CAS 710.
4. The auditor’s report indicates that the comparative information
is unaudited in a paragraph after the opinion paragraph in
accordance with paragraph 14 of CAS 710 in order to clearly
indicate to readers that the December 31, 2010 financial statements
and the January 1, 2010 opening statement of financial position
prepared in accordance with IFRSs have not been audited. The
paragraph also makes reference to the note to the financial
statements that describes the transition to IFRSs. This form
of paragraph has been developed to address the specific
circumstances discussed in Q&A 1(d) in this Guide when the
comparative information is unaudited and is not intended to
address other circumstances.
INDEPENDENT AUDITOR’S REPORT
[Appropriate Addressee]
We have audited the accompanying financial statements of ABC
Company, which comprise the statement of financial position as at
December 31, 2011, and the statement of comprehensive income,
statement of changes in equity and statement of cash flows for the
year then ended, and a summary of significant accounting policies and
other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of
these financial statements in accordance with International Financial
Reporting Standards, and for such internal control as management
determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to
fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements
based on our audit. We conducted our audit in accordance with
Canadian generally accepted auditing standards. Those standards
require that we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence
about the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor’s judgment, including
the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
entity’s preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of accounting estimates made by management, as well
as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements present fairly, in all material
respects, the financial position of ABC Company as at December 31,
2011, and its financial performance and its cash flows for the year then
ended in accordance with International Financial Reporting Standards.
Comparative Information
Without modifying our opinion, we draw attention to Note X to the
financial statements which describes that ABC Company adopted
International Financial Reporting Standards on January 1, 2011 with
a transition date of January 1, 2010. These standards were applied
retrospectively by management to the comparative information
in these financial statements, including the statements of financial
position as at December 31, 2010 and January 1, 2010, and the
statement of comprehensive income, statement of changes in equity
and statement of cash flows for the year ended December 31, 2010 and
related disclosures. We were not engaged to report on the restated
comparative information, and as such, it is unaudited.
[Auditor’s signature]
[Date of the auditor’s report]
[Auditor’s address]

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