Year ended December 31, 2011  Notes to Consolidated Financial Statements  12. Commitments:  In 2009, the Corporation signed a seven-year lease at a new location that commenced December 1,  2009, ending November 30, 2016. The Corporation’s annual commitment under this lease is as  follows:  2012 $ 159,851 2012 166,354 2013 166,354 2014 166,354 2016 152,491 $ 811,406 13. Explanation of transition to IFRS:  As stated in note 1, these are the Corporation’s consolidated financial statements prepared in  accordance with IFRS.  The accounting policies set out in note 3 have been applied in preparing the consolidated financial  statements for the year ended December 31, 2011, the comparative information presented in these  consolidated financial statements for the year ended December 31, 2010 and in the preparation of  an opening IFRS statement of financial position at January 1, 2010 (the Corporation’s date of  transition).  In preparing its opening IFRS statement of financial position, the Corporation has adjusted amounts  reported previously in financial statements prepared in accordance with Canadian GAAP. An  explanation of how the transition from previous GAAP to IFRS has affected the Corporation’s  financial position and financial performance is set out in the following tables and the notes that  accompany the tables.  Alaris Royalty Corp. 2011 Annual Report  46 