IFRS

An article in the Globe & Mail about the IFRS:

"There are certain requirements under IFRS that affect the dollar amounts mining companies need to report and that make record keeping more extensive,” says Kin Lo, an associate professor of accounting at the University of British Columbia’s Sauder School of Business, in Vancouver.

For example, mining firms that used the “full cost” or aggregated method to account for exploration and development costs in multiple reserves now have to break down these numbers by individual reserve, based on the “successful efforts” method under IFRS. For many companies, this likely meant having to comb through past records to match costs with projects, Dr. Lo says."

This particular aspec does not reflect the reporting in the rather opaque financial statements of GBN.V. Certainly there is no break-down of costs.

Globe And Mail