Rogers 2008 Annual Report Download - page 132

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128 ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
2008 2007
Current service cost (employer portion) $ 27 $ 29
Interest cost 40 34
Expected return on plan assets (43) (37)
Amortization:
Transitional asset (10) (10)
Realized gains included in income 2 1
Net actuarial loss 5 7
Net periodic pension cost under Canadian and United States GAAP $ 21 $ 24
Accrued benefit asset under Canadian GAAP $ 62 $ 39
One-time adjustment for change in measurement period to comply with FAS 158 (6) –
Accumulated other comprehensive loss under United States GAAP, on a pre-tax basis (101) (115)
Net amount recognized in the consolidated balance sheets under United States GAAP $ (45) $ (76)
(L) PENSIONS:
The following summarizes the additional disclosures required and
different pension-related amounts recognized or disclosed in the
Company’s accounts under United States GAAP:
In addition to the amounts disclosed above, under United States
GAAP, the net amount recognized in the consolidated balance
sheets related to the Company’s supplemental unfunded pension
benefits for certain executives was $27 million (2007 – $24 million).
The total accumulated other comprehensive income associated with
the supplemental plan amounts to nil (2007 – loss of $8 million), on
a pre-tax basis.
(M) RECENT UNITED STATES ACCOUNTING PRONOUNCEMENTS:
In December 2007, the FASB issued FASB Statement No. 141R, Business
Combinations. This statement requires the acquirer to recognize
the assets acquired, liabilities assumed and any non-controlling
interest in the acquiree at fair value as of the acquisition date. The
statement is effective for the Company beginning January 1, 2009.
The Company is currently assessing the impact of this new standard
on its consolidated financial statements.
In December 2007, the FASB issued FASB Statement No. 160, Non-
controlling Interests in Financial Statements. This statement will
require non-controlling interest in a subsidiary to be reported in
equity in the consolidated financial statements. The statement is
effective for the Company beginning January 1, 2009. The Company
is currently assessing the impact of this new standard on its
consolidated financial statements, but it does not expect a material
impact on its financial position or results of operations.
In March 2008, the FASB issued FASB Statement No. 161, Disclosures
about Derivative Instruments and Hedging Activities. This new
statement enhances disclosures regarding an entity’s derivative
and hedging activities. This statement is effective for the Company
beginning January 1, 2009. The Company is currently assessing the
impact of this new standard.
In May 2008, the FASB issued FASB Statement No. 162, The Hierarchy
of Generally Accepted Accounting Principles. The statement
identifies the sources of accounting principles and the framework
for selecting the principles to be used in the preparation of financial
statements in accordance with generally accepted accounting
principles in the United States. This statement was effective for the
Company November 15, 2008, which is 60 days after the Securities
and Exchange Commission’s approval of Auditing Standard No. 6,
Evaluating Consistency of Financial Statements. There was no impact
to the Company on adoption of this statement.