Common use of International Financial Reporting Standards Clause in Contracts

International Financial Reporting Standards. Wherever in this Agreement reference is made to International Financial Reporting Standards, such reference shall be deemed to be the recommendations at the relevant time of the International Financial Reporting Standards rather than Canadian generally accepted accounting principles and determined by the Canadian Institute of Chartered Accountants. Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made for the purpose of this Agreement or any document, such determination or calculation shall, to the extent applicable and except as otherwise specified herein or as otherwise agreed in writing by the parties, be made in accordance with generally accepted accounting principles applied on a consistent basis.