Rogers 2011 Annual Report Download - page 95

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(t) Recent accounting pronouncements:
IFRS 7, Financial Instrument: Disclosures
In October 2010, the IASB amended IFRS 7, Financial Instruments:
Disclosures (“IFRS 7”). This amendment enhances disclosure
requirements to aid financial statement users in evaluating the nature
of, and risks associated with an entity’s continuing involvement in
derecognized financial assets. The amendment is effective for the
Company’s interim and annual consolidated financial statements
commencing January 1, 2012. The Company is assessing the impact of
this amended standard on its consolidated financial statements.
IAS 12, Deferred Tax: Recovery of Underlying Assets
In December 2010, the IASB amended IAS 12, Deferred Tax: Recovery
of Underlying Assets (“IAS 12”). IAS 12 will now include a rebuttal
presumption which determines that the deferred tax on the
depreciable component of an investment property measured using
the fair value model from IAS 40 should be based on its carrying
amount being recovered through a sale. The standard has also been
amended to include the requirement that deferred tax on
non-depreciable assets measured using the revaluation model in
IAS 16 should be measured on the sale basis. This amendment is
effective for the Company’s interim and annual consolidated financial
statements commencing January 1, 2012. The Company is assessing
the impact of this amended standard on its consolidated financial
statements.
IFRS 10, Consolidated Financial Statements
In May 2011, the IASB issued IFRS 10, Consolidated Financial
Statements (“IFRS 10”). IFRS 10, which replaces the consolidation
requirements of SIC-12 Consolidation-Special Purpose Entities and
IAS 27 Consolidated and Separate Financial Statements, establishes
principles for the presentation and preparation of consolidated
financial statements when an entity controls one or more other
entities. This new standard is effective for the Company’s interim and
annual consolidated financial statements commencing January 1,
2013. The Company is assessing the impact of this new standard on its
consolidated financial statements.
IFRS 11, Joint Arrangements
In May 2011, the IASB issued IFRS 11, Joint Arrangements (“IFRS 11”).
IFRS 11, which replaces the guidance in IAS 31, Interests in Joint
Ventures, provides for a more realistic reflection of joint
arrangements by focusing on the rights and obligations of the
arrangement, rather than its legal form (as is currently the case). The
standard addresses inconsistencies in the reporting of joint
arrangements by requiring interests in jointly controlled entities to be
accounted for using the equity method. This new standard is effective
for the Company’s interim and annual consolidated financial
statements commencing January 1, 2013. The Company is assessing
the impact of this new standard on its consolidated financial
statements.
IFRS 12, Disclosure of Interests in Other Entities
In May 2011, the IASB issued IFRS 12, Disclosure of Interests in Other
Entities (“IFRS 12”). IFRS 12 establishes new and comprehensive
disclosure requirements for all forms of interests in other entities,
including subsidiaries, joint arrangements, associates and
unconsolidated structured entities. This new standard is effective for
the Company’s interim and annual consolidated financial statements
commencing January 1, 2013. The Company is assessing the impact of
this new standard on its consolidated financial statements.
IFRS 13, Fair Value Measurement
In May 2011, the IASB issued IFRS 13, Fair Value Measurement
(“IFRS 13”). IFRS 13 replaces the fair value guidance contained in
individual IFRS with a single source of fair value measurement
guidance. The standard also requires disclosures which enable users to
assess the methods and inputs used to develop fair value
measurements. This new standard is effective for the Company’s
interim and annual consolidated financial statements commencing
January 1, 2013. The Company is assessing the impact of this new
standard on its consolidated financial statements.
IAS 1, Presentation of Financial Statements
In June 2011, the IASB amended IAS 1, Presentation of Financial
Statements (“IAS 1”). This amendment requires an entity to separately
present the items of OCI as items that may or may not be reclassified
to profit and loss. This amended standard is effective for the
Company’s interim and annual consolidated financial statements
commencing January 1, 2013. The Company is assessing the impact of
this amended standard on its consolidated financial statements.
IAS 19, Employee Benefits
In June 2011, the IASB amended IAS 19, Employee Benefits (“IAS 19”).
This amendment eliminated the use of the “corridor” approach and
mandates all remeasurement impacts be recognized in OCI. It also
enhances the disclosure requirements, providing better information
about the characteristics of defined benefit plans and the risk that
entities are exposed to through participation in those plans. This
amendment clarifies when a company should recognize a liability and
an expense for termination benefits. This amended standard is
effective for the Company’s interim and annual consolidated financial
statements commencing January 1, 2013. The Company is assessing
the impact of this amended standard on its consolidated financial
statements.
IAS 27, Separate Financial Statements
In May 2011, the IASB amended IAS 27, Separate Financial Statements
(“IAS 27”). This amendment removes the requirements for
consolidated statements from IAS 27, and moves it over to IFRS 10
“Consolidated Financial Statements”. The amendment mandates that
when a company prepares separate financial statements, investment
in subsidiaries, associates, and jointly controlled entities are to be
accounted for using either the cost method or in accordance with
IFRS 9 “Financial Instruments”. In addition, this amendment
determines the treatment for recognizing dividends, the treatment of
certain group reorganizations, and some disclosure requirements. This
amendment is effective for the Company’s interim and annual
consolidated financial statements commencing January 1, 2013. The
Company is assessing the impact of this amended standard on its
consolidated financial statements.
IAS 28, Investments in Associates and Joint Ventures
In May 2011, the IASB amended IAS 28, Investments in Associates and
Joint Ventures (“IAS 28”). This amendment requires any retained
portion of an investment in an associate or joint venture that has not
been classified as held for sale to be measured using the equity
method until disposal. After disposal, if the retained interest
continues to be an associate or joint venture, the amendment
requires for it to be continued to be accounted for under the equity
method. The amendment also disallows the remeasurement of any
retained interest in an investment upon the cessation of significant
influence or joint control. This amended standard is effective for the
Company’s interim and annual consolidated financial statements
commencing January 1, 2013. The Company is assessing the impact of
this amended standard on its consolidated financial statements.
IFRS 9, Financial Instruments
In October 2010, the IASB issued IFRS 9, Financial Instruments
(“IFRS 9”). IFRS 9, which replaces IAS 39, Financial Instruments:
Recognition and Measurement, establishes principles for the financial
reporting of financial assets and financial liabilities that will present
relevant and useful information to users of financial statements for
their assessment of the amounts, timing and uncertainty of an entity’s
future cash flows. This new standard is effective for the Company’s
interim and annual consolidated financial statements commencing
January 1, 2015. The Company is assessing the impact of this new
standard on its consolidated financial statements.
2011 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 91