Rogers 2008 Annual Report Download - page 97

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ROGERS COMMUNICATIONS INC. 2008 ANNUAL REPORT 93
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(iii) International Financial Reporting Standards (“IFRS”):
In 2006, the Canadian Accounting Standards Board (“AcSB”)
published a new strategic plan that significantly affects financial
reporting requirements for Canadian public companies. The
AcSB strategic plan outlines the convergence of Canadian GAAP
with IFRS over an expected five-year transitional period.
In February 2008, the AcSB confirmed that IFRS will be
mandatory in Canada for profit-oriented publicly accountable
entities for fiscal periods beginning on or after January 1, 2011.
The Company’s first annual IFRS financial statements will be
for the year ending December 31, 2011 and will include the
comparative period of 2010. Starting in the first quarter of 2011,
the Company will provide unaudited consolidated financial
information in accordance with IFRS including comparative
figures for 2010.
The Company has completed a preliminary assessment of the
accounting and reporting differences under IFRS as compared
to Canadian GAAP, however, management has not yet
finalized its determination of the impact of these differences
on the consolidated financial statements. As this assessment is
finalized, the Company intends to disclose such impacts in its
future consolidated financial statements.
In the period leading up to the changeover, the AcSB will
continue to issue accounting standards that are converged
with IFRS, thus mitigating the impact of adopting IFRS at the
changeover date. The International Accounting Standards
Board will also continue to issue new accounting standards
during the conversion period and, as a result, the final impact
of IFRS on the Company’s consolidated financial statements
will only be measured once all the IFRS applicable at the
conversion date are known.
Significant changes in the assumptions, including those with
respect to future business plans and cash flows, could materially
change the recorded carrying amounts.
(T) RECENT CANADIAN ACCOUNTING PRONOUNCEMENTS:
(i) Goodwill and intangible assets:
In 2008, the CICA issued Handbook Section 3064, Goodwill and
Intangible Assets (“CICA 3064”). CICA 3064, which replaces
Section 3062, Goodwill and Other Intangible Assets, and
Section 3450, Research and Development Costs, establishes
standards for the recognition, measurement and disclosure of
goodwill and intangible assets. This new standard is effective
for the Company’s interim and annual consolidated financial
statements commencing January 1, 2009. The Company is
assessing the impact of the new standard on its consolidated
financial statements.
(ii) In October of 2008, the CICA issued Handbook Section 1582,
Business Combinations (“CICA 1582”), concurrently with
Handbook Sections 1601, Consolidated Financial Statements
(“CICA 1601”), and 1602, Non-controlling Interests (“CICA 1602”).
CICA 1582, which replaces Handbook Section 1581, Business
Combinations, establishes standards for the measurement of
a business combination and the recognition and measurement
of assets acquired and liabilities assumed. CICA 1601, which
replaces Handbook Section 1600, carries for ward the
existing Canadian guidance on aspects of the preparation of
consolidated financial statements subsequent to acquisition
other than non-controlling interests. CICA 1602 establishes
guidance for the treatment of non-controlling interests
subsequent to acquisition through a business combination.
These new standards are effective for the Company’s interim
and annual consolidated financial statements commencing
on January 1, 2011 with earlier adoption permitted as of the
beginning of a fiscal year. The Company is assessing the impact
of the new standards on its consolidated financial statements.