30. SUBSEQUENT EVENTS 31. EXPLANATION OF TRANSITION TO IFRS The Board of Directors has declared a dividend of $0.195 on the Class B non-voting shares and $0.1825 on the Class A voting shares, which will be payable to shareholders of record at the close of business on March 16, 2012, to be paid on March 30, 2012. As stated in note 2(a), these are the Company’s first consolidated financial statements prepared in accordance with IFRS. The accounting policies set out in note 3 have been applied in preparing the financial statements for the year ended December 31, 2011, the comparative information presented in these 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 Company’s date of transition). In preparing its opening IFRS statement of financial position, the Company has adjusted amounts reported previously in financial statements that were prepared in accordance with previous Canadian GAAP. An explanation of how the transition from previous Canadian GAAP to IFRS has affected the Company’s financial position, financial performance and cash flows is set out in the following tables and the notes that accompany the tables. CCL Industries Inc. 2011 Annual Report 83