EDMONTON, ALBERTA--(Marketwire - Oct. 26, 2012) - SpruceLand Properties Inc. (SpruceLand) today announced the release of its restated unaudited interim financial statements and related Management Discussion & Analysis ("MD&A") for the six month period ended December 31, 2011.
As a result of the adoption of IFRS in 2012, the Company was required to apply the accounting standard IAS 12, Income Taxes (IAS 12) for each interim period from the transition date, being July 1, 2010. In preparing the 2012 year-end consolidated financial statements, it was determined that on adoption, IAS 12 was not correctly applied during the interim periods. Specifically this resulted in a rate variance on investment income, additional timing differences on components of investment properties and other IFRS based timing differences.
The December 31, 2011 interim results including all comparative periods have been restated to reflect the proper application of IAS 12. This resulted in a decrease to the deferred income taxes balance at December 31, 2011 of $234,892 (June 30, 2011 - decrease $800,640; July 1, 2010 - decrease $1,203,153), an increase to the deferred income taxes provision of $565,748 for the six months ended December 31, 2011 (increase of $530,284 for the six months ended December 31, 2010) and an increase to opening retained earnings on July 1, 2010 of $1,203,153. This also resulted in decreases to the basic and diluted earnings per share calculations at December 31, 2011 of $0.44 and $0.42 respectively (December 31, 2010 - $0.42 and $0.41).
The restated December 31, 2011 unaudited financial statements and MD&A are available on www.sedar.com.
Financial information for the six months ended December 31, 2011 which is contained in, or incorporated by reference in, any disclosure document previously filed by SpruceLand is now superceded by the information contained in the restated unaudited interim financial statements and MD&A, instead of those previously filed, for the six month period ended December 31, 2011.
SpruceLand Properties Inc., formerly Spruce Land Developments Ltd. was founded with the construction of a single multi-family project in Slave Lake, Alberta in 1969. The Company has grown consistently and today has a diversified portfolio of revenue producing properties including office, retail and industrial buildings and manufactured home parks, in numerous communities throughout Alberta, with recent expansion into Kelowna, BC. SpruceLand Properties Inc. is a Canadian controlled private corporation for tax purposes and a reporting issuer to the Alberta Securities Commission with over 300 shareholders.