- Talisman 2010 Highlights
- About Our Company
- Financial and Operating Highlights
- President's Message
- Where We Operate
- Looking to 2011
- Management's Discussion and Analysis
- 2010 Performance
- 2010 Net Income Variance
- Continuing Operations Review
- Acquisitions
- Discontinued Operations
- Reserves Replacement
- Liquidity and Capital Resources
- Sensitivities
- Commitments and Off-Balance Sheet Arrangements
- Risk Management
- Summary of Quarterly Results
- Outlook for 2011
- Internal Control Over Financial Reporting and Disclosure Controls and Procedures
- Litigation
- Application of Critical Accounting Policies and Use of Estimates
- Changes in Reporting Conventions
- New US Accounting Pronouncements
- New Regulatory Developments
- International Financial Reporting Standards (IFRS)
- Risk Factors
- Advisories
- Abbreviations and Definitions
- Consolidated Financial Statements
- Report of Management
- Management Report on Internal Control Over Financial Reporting
- Independent Auditors' Report on Internal Controls Under Standards of the Public Company Accounting Oversight Board (United States)
- Independent Auditors' Report of Registered Public Accounting Firm
- Consolidated Balance Sheets
- Consolidated Statements of Income
- Consolidated Statements of Comprehensive Income (Loss)
- Consolidated Statements of Changes in Shareholders' Equity
- Consolidated Statements of Cash Flows
- Notes to the Consolidated Financial Statements
- Supplementary Oil and Gas Information
- Results of Operations from Oil and Gas Producing Activities
- Capitalized Costs Relating to Oil and Gas Activities
- Costs Incurred in Oil and Gas Activities
- Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves
- Discounted Future Net Cash Flows from Proved Reserves
- Principal Sources of Changes in Discounted Cash Flows
- Continuity of Net Proved Reserves 1
- Additional Information
- Detailed Property Reviews
- Governance
- Investor Information
- Corporate Information
- Advisories
- Market Information
Dodd-Frank Act
In 2010, the US Dodd-Frank Wall Street Reform and Consumer Protection Act (‘the Dodd Frank Act’) was signed into law. The Dodd Frank Act provides for numerous new substantive requirements in areas such as the disclosure of payments made to foreign governments, new rules regarding the use of credit ratings and corporate governance and executive compensation reforms, among others, some of which apply to Talisman as a foreign private issuer. Talisman will continue to assess the Act’s impact to the Company as the accompanying SEC rules relating to the Act are published or come into force.
With respect to the disclosure of payments to governments, the Act requires resource extraction issuers to disclose payments made to the US federal government or a foreign government (including a department, agent or instrumentality of a foreign government or a company owned by a foreign government) in their annual reports. A payment would be an amount that is not de minimus and that is paid to further the commercial development of oil, natural gas or minerals, including taxes, royalties, fees (including licence fees), bonuses, production entitlements or any other material benefits the SEC determines is part of commonly recognized revenue streams for resource extraction. The Dodd Frank Act requires disclosure of the type and total amount of such payments made for each project and to each government. The SEC’s final rule is expected to be issued in 2011, effective for 2012 year-end reporting.
NI 51-101 Exemption Orders
In December 2010, Talisman obtained a NI 51-101 exemption order permitting it to continue to rely on internally-generated reserves data (‘‘IQRE Exemption’’); and a NI 51-101 exemption order relating to various oil and gas disclosures (‘‘Disclosure Exemption’’). These exemption orders replace the NI 51-101 exemption order that was previously issued to Talisman in 2008.
The IQRE Exemption permits Talisman to continue to disclose internally-generated reserves data which have been prepared by an internal qualified reserves evaluator, as opposed to an independent qualified reserves evaluator.
The Disclosure Exemption permits Talisman to continue to provide oil and gas disclosures prepared in accordance with SEC requirements (US disclosure) in its annual documents and other continuous and public disclosure documents provided that Talisman also provides the required annual oil and gas disclosures in accordance with NI 51-101 and Talisman discloses the material differences between the NI 51-101 disclosure and US disclosure. The Disclosure Exemption also provides some transitional relief as well as requirements with respect to the disclosure of finding and development costs.