"In evaluating COS we have identified the following accounting issues: 1/Transition to IFRS with proposed elimination of proportionate consolidation accounting (potentially positive impact on valuation for COS), and..."

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"Suncor is poised to perform well over the next 12-18 months, the primary drawback to Suncor is the negative impact that accounting issues have on its target price, such as..."

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" In evaluating the accounting and financial reporting of Talisman and Nexen we have identified two material issues that have an impact on valuation and target prices."

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"We view Metro as a HOLD, given its relative lack of exposure to fast growing markets and the impact of accounting issues on valuation. In total, accounting adjustments amount to..."

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"Of the numerous IFRS issues that impact the Energy Sector, we have identified the following four as having the greatest impact on investors and valuation. First..."

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"Pacific Rubiales will outperform its peers over the next 12 months as a result of significant production and reserves growth. This is despite our concerns over..."

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"We believe CNQ is poised to maintain its competitive advantage over its peer group given its positive leverage to increasing oil prices, significant land position and drilling inventory. We have identified several issues that have a material impact on our target price for CNQ such as..."

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"In head-to-head comparisons, we favour Monsanto over both Viterra and Syngenta due to its superior growth profile and balance sheet. Looking at Viterra with respect to IFRS and the impact on jointly controlled entities, we do not believe that other analysts have factored this accounting change into their 2011 sales and EBITDA estimates for Viterra and..."

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"IFRS will impact the mining industry, specifically with regards to short term earnings quality, assessing impairments for PP&E, intangibles, goodwill as well as cost capitalization and asset retirement obligations."

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"In evaluating Precision, Nabors, and Helmerich & Payne, we have identified goodwill, other intangibles as well as the upcoming conversion of income trust to corporation for Precision as material impacts to valuation and earnings quality."

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"During F2009, the banks made substantial improvements in terms of the impact of credit derivatives on capital safety - with the notable exception of CIBC. On the whole, the top five banks could benefit from..."

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"As the role of securitization gains in contributing to the bottom lines of the banks was thrust to the forefront this year, so too has their..."

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"In evaluating the accounting and financial reporting of ShawCor, Flowserve, and Cameron, we have identified several issues that have an impact on valuation and earnings quality such as..."

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"The big five Canadian banks have all targeted insurance as an area to grow fee-based, non-interest income in the years ahead. For the most part, the banks offer very little in the way of disclosure regarding their insurance divisions, despite the growing profile of these operations. We have found..."

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"In a three-way comparison of the E&C companies, we favour Fluor most, followed by McDermott. While SNC remains attractive for several reasons, including positive accounting attributes, we currently view the company as a hold. SNC has appreciated over 30% since our recommendation to buy earlier this year.

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"In a head-to-head comparison, we favour Rogers over Shaw owing to the former's exposure to the under-penetrated wireless segment, its improving cash flow margins, and its dominant market presence in Ontario. We find Shaw suffers from several issues such as..."

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"We have specifically identified the following accounting issues that have an impact on valuation and earnings quality. Revenue recognition practices for listing fees, accounting treatment of clearing operations and goodwill and other indefinite-life intangible assets."

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"We are initiating coverage on Cameco with a HOLD, due to the impact of accounting issues on valuation and operating risks in the short-to-medium term. Over the longer-term, we believe the company will benefit from attractive industry trends and positive company-specific attributes.

In our view, Cameco’s contract mix of market-related and fixed-base pricing augments its cash flow stability profile. However, the disadvantage is limited upside potential on the back of a rise in spot uranium pricing. Additional downside risks include..."

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"In a head-to-head comparison, we believe that Shoppers is more attractive than Jean Coutu. However, we still consider Shoppers to be a HOLD, which goes against the consensus analyst view which overwhelmingly rates the company as a buy. We have adjusted the valuation of Shoppers, Jean Coutu, and their U.S. peers to even out the accounting treatment of..."

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"View the slides of our presentation on IFRS: Major Challenges for Investors, made to 150 attendees at the Toronto CFA Society luncheon in Toronto."

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"Our IFRS Issue Briefs keep investors apprised of the analytical challenges and adjustments needed to value Canadian and International companies in light of the complexity of changing accounting rules."

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"Want to know the quick take on accounting issues for the companies in our coverage universe. This easy reference highlights the issues that every investor needs to see."

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"We have initiated coverage on Metro Inc. and Loblaw Companies. We have identified several accounting and issues that have a material impact on the intrinsic value of the companies, including hidden off-balance sheet liabilities. As a result, we recommend..."

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"We are initiating coverage with a SELL, based on a combination of financial reporting issues and weak growth and margin outlooks for all four of CAE’s main operating segments. We have analyzed CAE for valuation and earnings quality sensitivity to several accounting issues, including..."

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"We are initiating coverage on Agrium and Potash. We highlight the relative attractiveness of Agrium over Potash from a current valuation perspective. We have analyzed the fertilizer companies for valuation sensitivity to several accounting issues, including..."

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"In our evaluation of the accounting and financial reporting of Telus, BCE and MTS we have specifically identified four issues that are relevant to investors."

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"Both CNR and CP have attractive investment attributes such as strong performance track records, solid operating ratios and bulk franchises. However, CP suffers from material accounting issues."

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"A solid financial position and a positive outlook for continued global infrastructure spending will combine to deliver gains for SNC, despite the slowing macro environment."

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TSX boasts good cash flow, a strong balance sheet, solid long-term growth prospects, a willingness to return value to shareholders, is part of a consolidating global industry, and we think will surprise the market with its Q4 results.

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