Rogers 2005 Annual Report Download - page 147

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143 ROGERS 2005 ANNUAL REPORT . NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(o ) BL U E J A YS :
Under United States GAAP, FASB Interpretation No. 46, Consolidation of Variable Interest Entities, requires the Company
to consolidate the results of the Blue Jays effective January 1, 2004. Under Canadian GAAP, the Company consolidated
the Blue Jays effective July 31, 2004. Therefore, the United States GAAP consolidated balance sheet as at December 31,
2004 and net income of the Company for the year then ended would be unchanged from that of Canadian GAAP as the
Company recorded 100% of the losses of the Blue Jays. Under United States GAAP, consolidation from January 1, 2004
to July 31, 2004 would result in an increase in revenues of $75.0 million, cost of sales would increase by $70.1 million,
sales and marketing costs would increase by $3.8 million, operating general and administrative expenses would increase
by $17.8 million, depreciation and amortization would increase by $5.8 million, operating income would be reduced by
$22.6 million and losses from equity method investments would decrease by $22.6 million.
(p ) ST A TE M E NT S O F CA S H F LO W S:
(i) Canadian GAAP permits the disclosure of a subtotal of the amount of funds provided by operations before
change in non-cash operating items in the consolidated statements of cash flows. United States GAAP does not
permit this subtotal to be included.
(ii) Canadian GAAP permits bank advances to be included in the determination of cash and cash equivalents in the
consolidated statements of cash flows. United States GAAP requires that bank advances be reported as financing
cash flows. As a result, under United States GAAP, the total increase in cash and cash equivalents in 2004 in
the amount of $254.3 million reflected in the consolidated statements of cash flows would be decreased by
$10.3 million and financing activities cash flows would decrease by $10.3 million. The total decrease in cash and
cash equivalents in 2005 in the amount of $347.9 million reflected in the consolidated statements of cash flows
would be decreased by $104.0 million and financing activities cash flows would be increased by $104.0 million.
(q ) ST A TE M E NT OF COM P RE H EN S IVE IN C OM E :
United States GAAP requires the disclosure of a statement of comprehensive income. Comprehensive income generally
encompasses all changes in shareholders’ equity, except those arising from transactions with shareholders.
2005 2004
Net loss based on United States GAAP $ (312,596) $ (270,625)
Other comprehensive income, net of income taxes:
Unrealized holding gains (losses) arising during the year, net of income taxes (1,138) 69,586
Realized gains included in income, net of income tax (9,463) (10,567)
Realized losses included in income – 1,650
Minimum pension liability, net of income taxes 354 (8,483)
Comprehensive loss based on United States GAAP $ (322,843) $ (218,439)
(r ) OT H ER D IS C LO S UR E S :
United States GAAP requires the Company to disclose accrued liabilities, which is not required under Canadian GAAP.
Accrued liabilities included in accounts payable and accrued liabilities as at December 31, 2005 were $1,068.6 million
(2004 – $1,100.9 million). At December 31, 2005, accrued liabilities in respect of PP&E totalled $104.0 million (2004 –
$116.0 million), accrued interest payable totalled $113.1 million (2004 – $117.6 million), accrued liabilities related to payroll
totalled $176.6 million (2004 – $173.3 million), and CRTC commitments totalled $40.4 million (2004 – $56.5 million).