Rogers 2010 Annual Report Download - page 63

ROGERS COMMUNICATIONS INC. 2010 ANNUAL REPORT 67
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
We have allocated sufficient resources to our conversion project, which
include certain full-time employees in addition to contributions by
other employees on a part-time or as-needed basis. We have completed
the delivery of training to all employees with responsibilities in the
conversion process. As well, training for all other employees who will
be impacted by our conversion to IFRS has been completed. Our
training efforts have focused on updating those individuals whose
roles and responsibilities are directly impacted by the changes being
implemented and providing general training to employees on the
impacts transition to IFRS will have on our business.
Although our IFRS accounting policies have been approved by senior
management and the Audit Committee, such approval is contingent
upon the realization of our expectations regarding the IFRS standards
that will be effective at the time of transition. We are required to apply
all IFRS standards that are effective at our first annual reporting date
under IFRS, i.e. December 31, 2011. While the International Accounting
Standards Board’s (“IASB”) most recent project plan does not anticipate
any further changes to IFRS between now and December 31, 2011, the
IASB may, at its discretion, implement changes to IFRS with an effective
date of December 31, 2011 or earlier. Such changes, if implemented,
could give rise to transitional adjustments that differ from those
detailed below.
Activity Milestones Status
Financial reporting:
• Assessmentofaccountingand
reportingdifferences.
• SelectionofIFRSaccountingpolicies
andIFRS1elections.
• DevelopmentofIFRSnancial
statementformat,includingdisclosures.
• Quanticationofeffectsofconversion.
• SeniormanagementandAudit
Committeesign-offforpolicy
recommendationsandIFRS1elections
during2009.
• SeniormanagementandAudit
Committeesign-offonnancial
statementformatduring2010.
• Finalquanticationofestimated
conversioneffectson2010
comparativeperiodbyQ12011.
• SeniormanagementandAudit
Committeeapprovalobtained
forIFRSaccountingpoliciesand
IFRS1elections.
• Monitoringofimpactsonpolicy
recommendationsofneworamended
IFRSstandardsissuedongoing.
• PreliminaryIFRSnancialstatement
formatanddisclosuresdrafted.
• Expectedimpactsofconversion
determinedonopeningbalance
sheetand2010comparative
periodcompleted.
Systemsandprocesses:
• Assessmentofimpactofchangeson
systemsandprocesses.
• Implementationofanysystemand
processdesignchangesincluding
trainingappropriatepersonnel.
• Documentationandtestingofinternal
controlsovernewsystemsand
processes.
• Systems,processandinternalcontrol
changesimplementedandtraining
completeintimeforparallelrunin
2010.
• Testingofinternalcontrolsfor2010
comparativescompletedbyQ12011.
• Systemsandprocesschanges
completedandoperationalfor
parallelrun.Internalreporting
changescomplete.
• Internalcontrolsforimpacted
processesandtransitionupdatedand
operationalforparallelrun.
• Trainingonnewsystems,processes
andinternalcontrolscompleted.
Business:
• Assessmentofimpactsonallareasof
thebusiness,includingcontractual
arrangementsandimplementchanges
asnecessary.
• Communicateconversionplanand
progressinternallyandexternally.
• Contractsupdated/renegotiatedby
theendof2010.
• Communicationatalllevels
throughouttheconversionprocess.
• Assessmentofimpactsonother
areasofthebusinesscompleted.
Nosignicantimpactsnoted.
• Communicationisongoing.
• Trainingforemployeesonexpected
impactscompleted.