Notes to Consolidated Financial Statements  Reconciliation of equity  Effect of Effect of Previous Transition Previous Transition GAAP To IFRSs IFRSs GAAP To IFRSs IFRSs Note  1 January 2010  31 December 2010  Assets  Cash and cash  equivalents  3,826,000 - 3,826,000 1,816,868 - 1,816,868 Prepayments 103,472 - 103,472 343,184 - 343,184 Trade and other  receivables  2,470 - 2,470 688,514 - 688,514 Current tax assets d 2,996,000 (2,996,000) - - - - Current assets  6,927,942 (2,996,000) 3,931,942 2,848,566 - 2,848,566 Equipment 74,477 - 74,477 69,671 - 69,671 Intangible assets  13,070,150  - 13,070,150 12,896,916 - 12,896,916 Preferred LP Units  c  111,124,642  11,161,358 122,286,000 157,363,963 25,543,037 182,907,000  Investment tax receivable  11,030,007 - 11,030,007 10,922,393 - 10,922,393 Deferred income taxes  d  22,248,900  205,267  22,454,167 25,527,962 (7,369,770) 18,158,192 Non-current Assets  157,548,176 11,366,625 168,914,801 206,780,905 18,173,267 224,954,172  Total assets  164,476,118 8,370,625 172,846,743 209,629,471 18,173,267 227,802,738  Alaris Royalty Corp. 2011 Annual Report  47  Effect of Effect of Previous Transition Previous Transition GAAP  To IFRSs  IFRSs  GAAP  To IFRSs  IFRSs  Note  1 January 2010  31 December 2010  Liabilities  Loans and borrowings  19,700,000  - 19,700,000 29,200,000 - 29,200,000 Deferred credit  b  23,661,017  (23,661,017) - 20,795,507 (20,795,507) - Deferred income taxes  d  1,347,755  (1,347,755) - 4,176,890 (4,176,890) - Non-current liabilities  44,708,772 (25,008,772) 19,700,000 54,172,397 (24,972,397) 29,200,000  Current tax liabilities  47,808  (47,808)  -  -  -  -  Trade payables  939,085  -  939,085  1,421,992  -  1,421,992  Dividends payable  802,604  -  802,604  1,396,262  -  1,396,262  Loans and borrowings  9,350,000  -  9,350,000  -  -  -  Current liabilities  11,139,497 (47,808) 11,091,689 2,818,254 - 2,818,254 Total liabilities  55,848,269 (25,056,580) 30,791,689 56,990,651 (24,972,397) 32,018,254  Equity  Share capital  111,125,039  538,109  111,663,148 156,858,637  543,691 157,402,328  Warrants 845,000 - 845,000 405,306 - 405,306 Equity reserve  a  1,471,333  398,568  1,869,901 2,831,112 343,719 3,174,831 Fair value reserve  -  9,766,188 9,766,188 - 22,350,157 22,350,157 Retained earnings  d  (4,813,523)  22,724,340 17,910,817 (7,456,235) 19,908,097 12,451,862 Total equity  108,627,849  33,427,205  142,055,054  152,638,820  43,145,664  195,784,484  Total Liabilities and  Equity  164,476,118 8,370,625 172,846,743 209,629,471  18,173,267  227,802,738  Year ended December 31, 2011 