Rogers 2009 Annual Report Download - page 89

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ROGERS COMMUNICATIONS INC. 2009 ANNUAL REPORT 93
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
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.
(ii) Multiple deliverable revenue arrangements:
In December 2009, the CIC A issued EIC-175, Multiple
Deliverable Revenue Arrangements (“EIC-175”). EIC-175,
which replaces EIC-142, Revenue Arrangements with Multiple
Deliverables, addresses some aspects of the accounting by a
vendor for arrangements under which it will perform multiple
revenue-generating activities. This new standard is 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 standard on its
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.