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18.

DIFFERENCES BETWEEN CANADIAN AND UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES The consolidated financial statements have been prepared in accordance with Canadian GAAP, which differs in some respects to US GAAP. Any differences in accounting principles as they pertain to the accompanying consolidated financial statements are immaterial except as described below: The application of US GAAP would have the following effect on net income as reported. 2003 Net income as reported for Canadian GAAP

$

290,201

2002 $

71,047

Adjustments: Depletion and depreciation (a,b)

22,258

Accretion of asset retirement obligation (b)

22,932

2,607

Unrealized gain (loss) on derivative instruments (e)

3,706

(28,943)

Interest on convertible debentures (d)

(4,070)

Unit based compensation (c)

(6,991)

(4,040)

Effect of applicable income taxes on the above adjustments

(2,835)

10,623

302,269

74,226

12,085

Net income under US GAAP before cumulative effect of change in accounting principle Cumulative effect of change in accounting principle, net of applicable income taxes Net income under US GAAP after cumulative effect of change in accounting principle

$

314,354

$

74,226

Net income per trust unit (Note 16) Basic Net income before cumulative effect of change in accounting principle

1.95

0.62

Cumulative effect of change in accounting principle

0.08

Net income after cumulative effect of change in accounting principle

$

2.03

$

0.62

Diluted Net income before cumulative effect of change in accounting principle

1.89

Cumulative effect of change in accounting principle Net income after cumulative effect of change in accounting principle

0.62

0.08

$

1.97

$

0.62

$

314,354

$

74,226

Comprehensive income: Net income under US GAAP Unrealized gain (loss) on derivative instruments, net of applicable income taxes Comprehensive income (e)

84

3,692 $

318,046

(11,897) $

62,329

2003  

Annual Report

2003  

Annual Report

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