statement of income. IAS 19 also introduces a net interest approach that replaces the expected return on assets and interest costs on  the defined benefit obligation with a single net interest component determined by multiplying the net defined benefit liability or asset  by the discount rate used to determine the defined benefit obligation. In addition, all past service costs are required to be recognized  in profit or loss when the employee benefit plan is amended and no longer spread over any future service period. The amendments  are effective for periods beginning January 1, 2013 with retrospective application required. Anticipating these changes, on transition to  IFRS where the Company had a choice between methods, the Company elected immediate recognition of the re-measurement  component and of past service costs and, as a result, the amendments to IAS 19 have no impact on the Company. In June 2011, the IASB issued amendments to IAS 1 to require entities to group items within OCI that either will (or will when specific  conditions are met) be reclassified subsequently to the income statement separate from those that will not be. The objective of this  change was to clarify for users what impact items in OCI may have on future net income. Each of the current items in the Company’s  statement of OCI would, or would under specific conditions, subsequently recycle through the statement of income, and as such  would be listed under one heading. The Company will apply the amendments in conjunction with the mandatory effective date in its  financial statement for the fiscal year ended 2013.  On December 13, 2010, the Company acquired certain assets and liabilities of Viking Seafoods, Inc. (“Viking” or the “Acquisition”), an  unlisted company based in Malden, Massachusetts in the business of processing value-added frozen seafood products. The Company  has acquired Viking because it is expected to substantially increase the Company’s share of the market for broad line value-added  seafood products in the U.S. food service industry. The assets acquired did not include Viking’s manufacturing plant in Malden;  however, the Company has committed to a 5-year lease for use of this plant.  The fair value of the identifiable assets and liabilities of Viking as at the date of acquisition were: The Company drew the total consideration transferred of $31.8 million from its existing credit facility to fund the acquisition of  Viking’s net assets and liabilities assumed. The purchase price of US$31.5 million was reduced by the net working capital adjustment  of US$0.8 million, which was finalized within the first quarter of 2011.  Transaction and business integration costs of $0.4 million (January 1, 2011: $0.7 million) have been expensed and are included in  business acquisition, integration and other expenses.  The net assets recognized in the January 1, 2011 financial statements and as adjusted during the period were based on a provisional  assessment of fair value for the equipment, intangible assets and residual goodwill acquired. The results of this valuation had not  been received at the date the fiscal 2010 financial statements were approved for issue by management. This was subsequently  completed in 2011. 70 HIGH lIneR FooDS InCoRpoRAteD Adjustments  Initial fair value  to the provision  recognized on recognized during  Final fair value (Amounts in $000s) acquisition  the period  recognized Assets Property, plant and equipment  ( note 6 ) $   2,591 $   – $   2,591  Trade receivables 3,140  (23)  3,117  Inventories  9,764  (155)   9,609  Intangible assets  2,857  10,643  13,500  $   18,352 $   10,465 $   28,817  Liabilities Trade payables   (2,361)   (583)   (2,944) Total identifiable net assets at fair value  $  15,991 $   9,882 $   25,873  Goodwill arising on acquisition  ( note 5 )  15,811  (10,732)   5,079  Purchase consideration transferred  $  31,802 $   (850)  $   30,952 IAS 1 – Presentation of Financial Statements (IAS 1) and the presentation of Items in Other Comprehensive Income (OCI) 4. bUSINESS COmbINATIONS acquiSition of viking SeafoodS llc