Effective April 1, 2008, the Corporation adopted the Canadian Institute of Chartered Accountants’ Handbook Section 3862 - Financial Instruments - Disclosures, and Section 3863 - Financial Instruments - Presentation, on financial instruments and Section 1535 - Capital Disclosures.
Section 3862, Financial Instruments - Disclosures, describes the required disclosures related to the significance of financial instruments on the Corporation’s financial position and performance and the nature and extent of risks arising for financial instruments to which the entity is exposed and how the entity manages those risks.
Section 3863, Financial Instruments - Presentation, establishes standards for presentation of financial instruments and non-financial derivatives.
As required by the transitional provisions, these new standards have been applied without restatement of prior period amounts. The information related to these sections is contained in note 14.
Section 1535, Capital Disclosures, establishes standards for disclosing information about an entity’s capital and how it is managed. The Corporation has complied with the new disclosure requirements beginning April 1, 2008 and the new disclosure requirements are presented in note 14.