EX-99.4 2 a2191199zex-99_4.htm EXHIBIT 99.4
QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.4

IAMGOLD Corporation
Reconciliation with United States Generally Accepted Accounting Principles—Item 18
Years Ended December 31, 2007, 2006 and 2005

IAMGOLD Corporation (the "Company") prepares its consolidated financial statements in accordance with Canadian generally accepted accounting principles ("Canadian GAAP") which principles differ in certain respects from those applicable in the United States ("U.S. GAAP") and from practices prescribed by the United States Securities and Exchange Commission ("SEC").

Consolidated Statements of Earnings (Restated—Note 1):

(in 000's)	2007—Restated			2006—Restated			2005

	$			$			$
Net earnings(loss) from continuing operations for the year reported under Canadian GAAP		(42,060	)		72,388			20,494
Earnings from Sadiola and Yatela under Canadian GAAP, using proportionate consolidation (Note 2(a))		(51,948	)		(70,693	)		(16,561	)
Equity earnings of Sadiola under U.S. GAAP (Note 2(a))		21,851			36,213			8,945
Equity earnings of Yatela under U.S. GAAP (Note 2(a))		24,364			37,241			1,931
Tarkwa and Damang stripping costs (Note 1)		(7,832	)		(6,212	)		—
Exploration expensed (Note 2(b))		(22,190	)		(9,656	)		(962	)
Stock-based compensation (Note 2(c))		—			(2	)		(4	)
Amortization of royalty interests (Note 2(d))		(495	)		111			(775	)
Interest income (Note 2(f))		—			145			—
Non-hedge derivative gain (Note 2(f))		—			(40	)		—
Warrants (Note 2(g))		13,232			(2,712	)		—
Forward sales liability (Note 2(h))		(370	)		623			—
Other		201			—			—
Income taxes on the above		6,266			1,464			249

Net earnings (loss) from continuing operations, U.S. GAAP		(58,981	)		58,870			13,317
Net earnings form discontinued operations		—			93			—

Net earnings (loss), U.S. GAAP		(58,981	)		58,963			13,317

	2007— Restated			2006— Restated		2005

	$			$		$
Basic and diluted net earnings (loss) from continuing operations per share		(0.20	)		0.32		0.09
Basic and diluted net earnings (loss) per share		(0.20	)		0.32		0.09
Dividends per share		0.06			0.06		0.06

Consolidated Statements of Comprehensive Income (Restated—Note 1):

(in 000's)		2007— Restated			2006— Restated			2005

		$			$			$
Net earnings (loss), U.S. GAAP			(58,981	)		58,963			13,317
Other comprehensive income (loss):
	Marketable securities (Note 2(e))		(2,245	)		1,439			(258	)
	Cumulative translation adjustment		28,895			(4,836	)		—

Comprehensive income (loss), U.S. GAAP			(32,331	)		55,566			13,059

Consolidated Statements of Shareholder's Equity (Restated—Note 1):

(in 000's)	2007— Restated			2006— Restated			2005

	$			$			$
Shareholders' equity based on Canadian GAAP		1,751,316			1,773,351			411,002
Impact on shareholders' equity of U.S. GAAP adjustments:
Equity accounting of Sadiola and Yatela (Note 2(a))		(13,052	)		(7,319	)		(10,078	)
Tarkwa and Damang stripping costs (Note 1)		(14,044	)		(6,212	)		—
Accumulated exploration expensed (Note 2(b))		(33,795	)		(10,618	)		(962	)
Accumulated amortization of royalty interests (Note 2(d))		(2,058	)		(1,563	)		(1,674	)
Interest income (Note 2(f))		—			145			—
Non-hedge derivative gain (Note 2(f))		—			(40	)		—
Warrants (Note 2(g))		(13,872	)		(27,115	)		—
Forward sales liability (Note 2(h))		253			623			—
Income taxes on the above		8,291			2,025			561
Marketable securities (Note 2(e))		—			1,417			(22	)

Shareholders' equity based on U.S. GAAP		1,683,039			1,724,694			398,827

Consolidated Statements of Cash Flows:

(in 000's)	2007			2006			2005

	$			$			$
Operating Activities		65,484			3,425			8,922
Investing Activities		(50,799	)		43,141			3,457
Financing Activities		(41,380	)		(11,450	)		(836	)
Cash from (used in) discontinued operations		28,451			(1,579	)		—

Consolidated Balance Sheets (Restated—Note 1):

As at December 31, 2007		Cdn GAAP		Adjustments (Note 2(a))			Other US GAAP Adjustments			US GAAP

		$		$			$			$
ASSETS
*Current Assets:*
	Cash and cash equivalents		113,265		(17,572	)		—			95,693
	Gold bullion		53,982		—			—			53,982
	Receivables and other current assets (Note 10)		77,221		(18,139	)		—			59,082
	Inventories		89,230		(17,422	)		—			71,808

			333,698		(53,133	)		—			280,565
	Other long-term assets		88,416		(56,919	)		—			31,497
	Equity investments (Notes 2(a), 3)		112,478		91,165			—			203,643
	Royalty interests (Note 2(d))		34,835		—			(2,055	)		32,780
	Mining assets		1,023,961		(65,737	)		—			958,224
	Exploration and development (Note 2(b))		225,473		—			(33,796	)		191,677
	Goodwill		361,648		—			—			361,648
	Other intangible assets (Note 11)		15,103		—			—			15,103

			2,195,612		(84,624	)		(35,851	)		2,075,137

LIABILITIES AND SHAREHOLDERS' EQUITY
*Current liabilities:*
	Accounts payable and accrued liabilities (Note 12)		127,672		(36,060	)		(2,147	)		89,465
	Dividends payable		17,625		—			—			17,625
	Current portion of long-term liabilities (Note 2(h))		32,430		(1,192	)		(205	)		31,033
	Deferred revenues		—		—			2,147			2,147

			177,727		(37,252	)		(205	)		140,270
*Long-term liabilities:*
	Long-term debt (Note 6)		5,696		—			—			5,696
	Future income and mining tax liability (Notes 2(b),(d), 8)		157,956		(4,517	)		(8,288	)		145,151
	Asset retirement obligations		77,506		(15,760	)		—			61,746
	Accrued benefit liability		6,360		—			—			6,360
	Warrants (Note 2(g))		—		—			13,872			13,872
	Long-term portion of forward sales liability (Note 2(h))		10,472		—			(48	)		10,424

			257,990		(20,277	)		5,536			243,249
Non-controlling interest			8,579		—			—			8,579
*Shareholders' equity:*
	Common shares (Note 2(c))		1,633,119		—			9,542			1,642,661
	Contributed surplus (Notes 2(c), 4, 5)		20,034		—			33			20,067
	Warrants (Note 2(g))		24,391		—			(24,391	)		—
	Retained earnings (Notes 2(a),(b),(c),(d),(h))		49,553		(27,095	)		(25,378	)		(2,920	)
	Accumulated other comprehensive income (loss) (Note 2(b))		24,219		—			(988	)		23,231

			1,751,316		(27,095	)		(41,182	)		1,683,039

			2,195,612		(84,624	)		(35,851	)		2,075,137

As at December 31, 2006 (in 000's)		Cdn GAAP			Adjustments (Note 2(a))			Other US GAAP Adjustments			US GAAP

		$			$			$			$
ASSETS
*Current Assets:*
	Cash and cash equivalents		124,325			(30,388	)		—			93,937
	Short term deposits		39			—			—			39
	Gold bullion		49,012			—			—			49,012
	Receivables and other current assets (Note 10)		65,942			(22,353	)		(42	)		43,547
	Inventories		61,325			(16,371	)		—			44,954
	Current assets held for sale		17,924			—			—			17,924

			318,567			(69,112	)		(42	)		249,413
	Other long-term assets (Notes 2(e),(f))		83,844			(37,344	)		1,877			48,377
	Equity investments (Notes 2(a), 3)		87,086			101,883			—			188,969
	Royalty interests (Note 2(d))		39,786			—			(1,562	)		38,224
	Mining assets		1,050,664			(53,115	)		—			997,549
	Exploration and development (Note 2(b))		200,588			—			(10,618	)		189,970
	Goodwill		464,975			—			—			464,975
	Long-term assets held for sale		33,166			—			—			33,166

			2,278,676			(57,688	)		(10,345	)		2,210,643

LIABILITIES AND SHAREHOLDERS' EQUITY
*Current liabilities:*
	Accounts payable and accrued liabilities (Note 12)		119,741			(33,637	)		—			86,104
	Dividends payable		17,570			—			—			17,570
	Current portion of long-term liabilities (Note 2(h))		69,960			—			(369	)		69,591
	Current liabilities relating to assets held for sale		9,240			—			—			9,240

			216,511			(33,637	)		(369	)		182,505
*Long-term liabilities:*
	Long-term debt		9,625			—			—			9,625
	Future income and mining tax liability (Notes 2(b),(d), 8)		185,015			(2,939	)		(1,710	)		180,366
	Asset retirement obligations		39,933			(7,583	)		—			32,350
	Accrued benefit liability		6,321			—			—			6,321
	Warrants (Note 2(g))		—			—			27,115			27,115
	Long-term portion of forward sales liability (Note 2(h))		28,346			—			(253	)		28,093
	Long-term liabilities relating to assets held for sale		15,862			—			—			15,862

			285,102			(10,522	)		25,152			299,732
Non-controlling interest			3,712			—			—			3,712
*Shareholders' equity:*
	Common shares (Note 2(c))		1,625,994			—			9,542			1,635,536
	Contributed surplus (Notes 2(c), 4)		19,153			—			33			19,186
	Warrants (Note 2(g))		24,403			—			(24,403	)		—
	Share purchase loans		(295	)		—			—			(295	)
	Retained earnings (Notes 2(a),(b),(c),(d),(f),(g),(h))		108,932			(13,529	)		(21,717	)		73,686
	Accumulated other comprehensive income (loss) (Note 2(e))		(4,836	)		—			1,417			(3,419	)

			1,773,351			(13,529	)		(35,128	)		1,724,694

			2,278,676			(57,688	)		(10,345	)		2,210,643

Notes to U.S. GAAP Reconciliation:

1. Restatement of consolidated financial statements:

The costs associated with the Gold Fields Ghana Limited ("Tarkwa") and Abosso Goldfields Limited ("Damang") stripping programs were capitalized as betterments under Canadian GAAP. Under U.S. GAAP, the Company's accounting policy is to account for stripping costs in accordance with Emerging Issues Task Force (EITF) 04-6 "Accounting for Stripping Costs Incurred during Production in the Mining Industry" ("EITF 04-6") and Statement of Financial Accounting Standards (SFAS) 151, Inventories. EITF 04-6 requires that stripping costs incurred during production be treated as variable inventory costs. The requirements of EITF 04-6 were effective for the Company's fiscal year beginning January 1, 2006, with the effect of initially applying the EITF to be recognized as a cumulative effect adjustment recorded in the opening balance of retained earnings in the year of adoption. The above noted stripping costs were not previously identified as a reconciling item between Canadian and U.S. GAAP and the Company has restated its reconciliation with U.S. GAAP to account for stripping costs in accordance with EITF 04-6.

The following is a summary of the significant effects of the restatement on the Company's consolidated balance sheets as of December 31, 2007 and 2006 under U.S. GAAP and its consolidated statements of earnings under U.S GAAP for the fiscal years ended December 31, 2007 and 2006. The impact of the adoption of EITF 04-6 on retained earnings as at January 1, 2006 with respect to these stripping costs was not material.

	December 31, 2007									December 31, 2006

(000's except per share amounts)	As previously reported			Adjustment			As restated			As previously reported		Adjustment			As restated
	$			$			$			$		$			$
Consolidated Balance Sheets
Equity investments		217,687			(14,044	)		203,643			195,181		(6,212	)		188,969
Retained earnings		11,124			(14,044	)		(2,920	)		79,898		(6,212	)		73,686
Consolidated Statement of Earnings
Equity earnings		71,606			(7,832	)		63,774			102,328		(6,212	)		96,116
Net earnings (loss) from continuing operations, U.S. GAAP		(51,149	)		(7,832	)		(58,981	)		65,082		(6,212	)		58,870
Net income (loss) for the year, U.S. GAAP		(51,149	)		(7,832	)		(58,981	)		65,175		(6,212	)		58,963
Basic and diluted net earnings (loss) from continuing operations per share		(0.17	)		(0.03	)		(0.20	)		0.35		(0.03	)		0.32
Basic and diluted net earnings (loss) per share		(0.17	)		(0.03	)		(0.20	)		0.35		(0.03	)		0.32

2. Notes to the U.S. GAAP reconciliation:

a) Equity Method Investments in Sadiola, Yatela, Tarkwa and Damang:

Under Canadian GAAP, the Company accounts for its interests in the Sadiola and Yatela joint ventures by the proportionate consolidation method and its interest in the Tarkwa and Damang mines under the equity method as working interests. Under U.S. GAAP, the Company is required to equity account for all of its investments and record in earnings its proportionate share of their net income measured in accordance with U.S. GAAP.

For equity method investments, the accounting for these investments represents the aggregate of: (a) capital contributions to the joint ventures, (b) the Company's proportionate share of the net earnings or loss of the joint ventures, net of amortization of the purchase price adjustment and (c) distributions from the joint ventures.

For U.S. GAAP purposes, the Company's share of earnings from its investments have been adjusted for the following items:

(i): Exploration and development costs:

Under U.S. GAAP, the Company is required to expense all costs prior to the completion of a definitive feasibility study which establishes proven and probable reserves. Under Canadian GAAP, costs subsequent to establishing that a property has mineral resources which have the potential of being economically recoverable, are capitalized.

(ii): Start-up costs:

U.S. GAAP requires start-up costs to be expensed as incurred. Canadian GAAP allows start-up costs to be capitalized until commercial production is established.

(iii): Deferred stripping costs:

Under Canadian GAAP, the Company capitalized stripping costs incurred during the year relating to betterments at Yatela, Tarkwa and Damang. These costs will be amortized on a units-of-production basis over the reserves that directly benefit from the stripping activity. Under U.S. GAAP, the Company accounts for stripping costs in conjunction with EITF 04-6, and Statement of Financial Accounting Standards (SFAS) 151, Inventories.

(iv): Future income taxes:

Tax adjustments related to the above items.

b) Exploration Expensed:

c) Stock-based compensation:

Effective January 1, 2006, the Company adopted SFAS 123(R), Share-Based Payments, to account for share based payments to employees, directors and consultants. The adoption of SFAS 123(R) did not have a material impact on stock-based compensation expense for 2006. Prior to January 1, 2006, the Company accounted for stock-based compensation in accordance with SFAS 123.

d) Royalty Interests:

Under Canadian GAAP, depreciation and amortization of royalty interests is calculated on the units-of-production method based upon the estimated mine life corresponding to the property's reserves and resources whereas under U.S. GAAP, the calculations are made based upon proven and probable mineable reserves. This results in a higher amortization charge under U.S. GAAP for revenue producing royalties.

e) Marketable securities:

Under Canadian GAAP, since January 1, 2007, marketable securities and debenture receivable are classified as available-for-sale assets and are measured at fair value using the last quoted price. Unrealized gains or losses related to changes in market value as well as the related tax impact are accounted for in other comprehensive income (OCI) until the marketable security is sold or other than temporarily impaired. When it is sold or other than temporarily impaired, the accumulated variation in OCI is reversed and the actual gain or loss on disposal is accounted for in the statement of earnings. The Company also owns warrants included in marketable securities. These warrants were measured at fair value using the Black-Scholes pricing model. Unrealized gains or losses related to changes in market value are reported under "non-hedge derivative gain or loss" in the consolidated statement of earnings. Before January 1, 2007, investments in marketable securities were recorded at cost under Canadian GAAP.

For all periods presented under U.S. GAAP, marketable securities are accounted as per the rules adopted under Canadian GAAP on January 1, 2007.

f) Gold receivable:

Under Canadian GAAP, since January 1, 2007, gold receivable is considered a hybrid instrument composed of a receivable and an embedded derivative that must be accounted for separately. The receivable is accounted for as an interest bearing receivable, with accrued interest charged to earnings. The embedded derivative is marked-to-market at each balance sheet date based on the change in gold price with the variation charged to earnings under "non-hedge derivative gain or loss". Before January 1, 2007, the gold receivable was revaluated at each balance sheet date at the current spot price and the variation was accounted for under the "non-hedge derivative gain" caption in the statement of earnings. The discount was amortized up to the time of deliveries and accounted for under the "investment income" caption in the statement of earnings.

For all periods presented under U.S. GAAP, the gold receivable was accounted for in the same manner as the new Canadian standards adopted in January 2007.

g) Warrants:

Under Canadian GAAP, warrants to purchase common shares are accounted for as a component of shareholders' equity. Under U.S. GAAP, issuers having warrants with an exercise price denominated in a currency other than the issuer's functional currency are required to treat the fair value of the warrants as a liability and to mark to market those warrants through net earnings.

h) Forward sales liability:

Under Canadian GAAP, forward gold sales contracts for the Mupane mine are accounted for as normal purchase and sale contracts from the date of acquisition. Under U.S. GAAP, the forward contracts were accounted for as normal purchase and sale contracts from June 26, 2006, the date documentation of the accounting treatment for these contracts was finalized. Prior to June 26, 2006, the forward contracts were accounted for on a mark-to-market basis.

3. Equity method investments:

The changes in the Company's equity method investments pursuant to U.S. GAAP are as follows:

(in 000's)	2007—as restated			2006—as restated			2005

	$			$			$
Equity method investments, beginning of year		188,969			192,868			203,465
Net earnings		63,774			96,116			26,713
Distributions received		(49,100	)		(100,015	)		(37,310	)

Equity method investments, end of year		203,643			188,969			192,868

Condensed balance sheet information for the Company's equity method investments is summarized below:

	2007

(in 000's)	Tarkwa		Damang		Sadiola		Yatela		Other
	$		$		$		$		$
Current assets		161,238		38,730		78,371		56,848		362
Long-term assets, net		488,021		37,926		217,463		50,938		—

		649,259		76,656		295,834		107,786		362

Current liabilities		63,852		19,243		38,826		56,025		176
Long-term obligations and other		114,397		7,608		28,126		6,408		—
Equity		471,010		49,805		228,882		45,353		186

		649,259		76,656		295,834		107,786		362

	2006

(in 000's)	Tarkwa		Damang		Sadiola		Yatela		Other
	$		$		$		$		$
Current assets		136,550		40,884		117,176		61,010		362
Long-term assets, net		393,894		33,852		163,542		42,640		—

		530,444		74,736		280,718		103,650		362

Current liabilities		64,333		15,323		55,160		31,475		176
Long-term obligations and other		89,201		8,413		9,182		7,730		—
Equity		376,910		51,000		216,376		64,445		186

		530,444		74,736		280,718		103,650		362

Condensed income statement information for the Company's equity method investments is summarized below:

	2007

(in 000's)	Tarkwa		Damang			Sadiola		Yatela		Other
	$		$			$		$		$
Revenue		456,608		124,931			267,911		208,845		—
Expenses		362,508		126,127			210,408		147,935		—

Net earnings		94,100		(1,196	)		57,503		60,910		—

	2006

(in 000's)	Tarkwa		Damang		Sadiola		Yatela		Other
	$		$		$		$		$
Revenue		433,974		130,836		300,726		214,500		—
Expenses		321,429		123,476		205,429		121,398		—

Net earnings		112,545		7,360		95,297		93,102		—

	2005

(in 000's)	Tarkwa		Damang		Sadiola		Yatela		Other
	$		$		$		$		$
Revenue		321,074		102,048		198,139		110,250		—
Expenses		248,397		92,889		174,600		105,423		(760	)

Net earnings		72,677		9,159		23,539		4,827		760

4. Contributed Surplus:

(in 000's)

Balance, beginning of year	19,186		7,277		9,466
Stock-based compensation	2,855		3,102		1,240
Exercise of share options	(1,974	)	(4,255	)	(3,429	)
Cambior purchase consideration	—		13,062		—

Balance, end of year	20,067		19,186		7,277

5. Stock-based compensation:

A summary of the status of the Company's nonvested share options as of December 31, 2007 and the changes during the year ended December 31, 2007, is presented below:



Nonvested as of January 1, 2007	2,034,998	2.86
Granted	1,976,000	2.62
Vested	829,997	2.71
Forfeited	627,000	2.89

Nonvested, December 31, 2007	2,554,001	2.71

The weighted average grant-date fair value of options granted during 2007 was $2.62 (2006—$3.08, 2005—$2.27).

The total intrinsic value of options exercised during 2007 was $4.9 million (2006—$10.0 million, 2005—$6.2 million). The total fair value of options that vested during 2007 was $2.2 million (2006—$1.2 million, 2005—$1.3 million).

As at December 31, 2007 and 2006, the aggregate intrinsic value of options outstanding was $Nil and $12.9 million, respectively, while the aggregate intrinsic value of the options that are currently exercisable was $1.7 million and $12.6 million, respectively.

As at December 31, 2007, there was $2.8 million of total unrecognized compensation costs related to non-vested stock options. The Company expects to recognize this expense over a weighted average period of 1.9 years.

6. Long Term Debt:

The priority in which the Company's long term debt will be repaid is as follows:

(in 000's)

Credit facility	4,000
Financing agreement with Hydro-Quebec	1,174
Other	327
Non-participating shares	800
Purchase price payable—Camp Caiman	3,928

	10,229
Less: Current portion	(4,533	)

Long-term portion	5,696

7. Earnings per share from discontinued operations:

The Company recorded net earnings from discontinued operations for the years ended December 31, 2007, 2006 and 2005 of Nil, $0.1 million and Nil, respectively. Net earnings from discontinued operations did not result in any changes in basic or diluted earnings per share for any of the periods presented.

8. Income taxes:

The Company's future tax liability for each tax jurisdiction was as follows:

(in 000's)	2007		2006

	$		$
Suriname		98,585		134,093
Canada		29,940		12,284
Tanzania		11,587		20,919
Botswana		—		8,279
Peru		5,039		4,791

		145,151		180,366

9. Income tax uncertainty:

Income tax liabilities as of December 31, 2007 included a total of $2.9 million for unrecognized income tax benefits, excluding accrued interest and penalties. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	(in 000's)		$

	Balance at January 1, 2007			2,884
	Additions based on tax positions related to the current year			—
	Additions related to tax positions of prior years			—
	Settlements of tax positions			—

	Balance as at December 31, 2007			2,884

As at December 31, 2007, $1.1 million of income tax for unrecognized tax benefits, if recognized in future periods, would impact the Company's effective tax rate. The Company does not believe that there will be any material changes in its unrecognized tax positions over the next twelve months.

The Company recognizes interest and penalty expense related to unrecognized tax benefits in interest expense in the consolidated statement of earnings. No interest or penalties were recorded in the year ended December 31, 2007. As at December 31, 2007, the Company did not have any accrued interest or penalties with respect to its unrecognized tax benefits recorded on its consolidated balance sheet.

In some cases, the Company's tax positions are related to years that remain subject to examination by tax authorities. The following table outlines the open years, by tax jurisdiction, as at December 31, 2007:

	Jurisdiction		Open Years:

	Canada			2004 to present
	Suriname			2005 to present
	Mali			2007 to present

10. Receivables and other current assets:

Receivables and other current assets on the Company's consolidated balance sheet consist of the following:

(in 000's)	2007		2006

	$		$
Trade receivables		33,380		24,516
Other receivables		19,625		9,983
Prepaid expenses		6,077		7,309
Other current assets		—		1,739

		59,082		43,547

11. Other intangible assets:

The weighted average amortization period for the Company's favorable supplier contracts is approximately 10 years. The estimated amortization expense for the Company's other intangible assets for each of the next five years and thereafter is as follows:

(in 000's)	Amortization of other intangible assets

	$
2008		3,059
2009		3,059
2010		3,059
2011		582
2012		356
Thereafter		4,988

		15,103

12. Accounts payable and accrued liabilities:

Accounts payable & accrued liabilities on the Company's consolidated balance sheet consist of the following:

(in 000's)	2007		2006

	$		$
Trade payables		47,124		66,452
Accrued liabilities		42,341		8,981
Taxes payable		—		10,015
Other		—		656

		89,465		86,104

13. Recently issued accounting pronouncements:

(a) Accounting for uncertainty in income taxes:

In June 2006, the FASB issued FIN 48 "Accounting for Uncertainty in Income Taxes—an interpretation of FASB Statement No. 109" ("FIN 48"). FIN 48 provides guidance on the recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken on a tax return. FIN 48 requires that the Company recognize in its financial statements the impact of a tax position if that position is more likely than not of being sustained on audit, based on the technical merits of the position. It also provides criteria for the derecognition, classification, interest and penalties, accounting in interim periods and disclosure. The interpretation is effective for fiscal years beginning after December 15, 2006 with the cumulative effect of the change in accounting principle recorded as an adjustment to the opening balance of retained earnings. Adoption of this statement did not have a material impact on the Company's financial statements.

(b) Fair value measurements:

In September 2006, the FASB issued SFAS 157, "Fair Value Measurements" ("SFAS 157"), which defines fair value, establishes a framework for measuring fair value and a framework for measuring assets and liabilities at fair values when a particular standard describes it. In

addition, SFAS 157 prescribes a more enhanced disclosure of fair value measures and requires additional expanded disclosure when non-market data is used to assess fair values. The provisions of SFAS 157 are effective for fiscal years beginning after November 15, 2007.

In February 2008, the FASB issued FSP FAS157-2, which delays the effective date of FAS 157 for nonfinancial assets or liabilities that are not required or permitted to be measured at fair value on a recurring basis to fiscal years beginning after November 15, 2008, and interim periods within those years. The Company is currently evaluating the impact that FSP FAS 157-2 may have on its financial statements.

(c) Fair value option for financial assets and financial liabilities:

In February 2007, the FASB issued SFAS No. 159, "The Fair Value Option for Financial Assets and Financial Liabilities—Including an Amendment of FASB Statement No. 115". This pronouncement permits entities to use the fair value method to measure certain financial assets and liabilities by electing an irrevocable option to use the fair value method at specific election dates. After election of the option, subsequent changes in fair value would result in the recognition of unrealized gains or losses as period costs during the period the change occurred. SFAS No. 159 becomes effective as of the beginning of the first fiscal year that begins after November 15, 2007, with early adoption permitted. However, entities may not retroactively apply the provisions of SFAS No. 159 to fiscal years preceding the date of adoption. The Company is currently evaluating the impact that SFAS No. 159 may have on its financial statements.

(d) Business combinations:

The FASB issued, FAS 141(R), Business combinations. This pronouncement retains the fundamental requirements in FAS 141 that the acquisition method of accounting be used for all business combinations and for an acquirer to be identified for each business combination. The following are some of the significant changes this new statement makes to how the acquisition method is applied:

•: Measuring the assets acquired, the liabilities assumed, and any non-controlling interest at their fair values;
•: Recognizing assets acquired and liabilities assumed arising from contingencies;
•: Recognizing contingent consideration at the acquisition date, measured at its fair value;
•: Recognizing a gain in the event of a bargain purchase (i.e. previously negative goodwill).

This pronouncement will apply prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. The Company will adopt this pronouncement accordingly.

(e) Non-controlling interests in consolidated financial statements:

The FASB issued FAS 160, Non-controlling interests in consolidated financial statements which amends ARB 51 to establish accounting and reporting standards for a non-controlling interest in a subsidiary and for deconsolidation of a subsidiary. This pronouncement will apply prospectively to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after December 15, 2008. The Company will adopt this pronouncement accordingly.

QuickLinks

Exhibit 99.4

IAMGOLD Corporation Reconciliation with United States Generally Accepted Accounting Principles—Item 18 Years Ended December 31, 2007, 2006 and 2005