Shaw 2009 Annual Report Download - page 31

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Burrard Landing Lot 2 Holdings Partnership
The Company has a 33.33% interest in the Partnership. During the current year, the Company paid
the Partnership for lease of office space in Shaw Tower. Shaw Tower, located in Vancouver, BC, is the
Company’s headquarters for its lower mainland operations.
I. New accounting standards
Shaw has adopted or will adopt a number of new accounting policies as a result of recent changes in
Canadian accounting pronouncements. The ensuing discussion provides additional information as
to the date that Shaw is or was required to adopt the new standards, the methods of adoption
permitted by the standards, the method chosen by Shaw, and the effect on the financial statements
as a result of adopting the new policy. The adoption or future adoption of these accounting policies
has not and is not expected to result in changes to the Company’s current business practices.
The following policies were adopted in fiscal 2009:
(i) Inventories
The Company adopted CICA Handbook Section 3031, “Inventories”, which provides more
guidance on measurement and disclosure requirements. The application of this standard had
no impact on the Company’s consolidated financial statements.
(ii) Financial instruments
The Company adopted CICA Handbook Section 3862 “Financial Instruments – Disclosures” and
Section 3863 “Financial Instruments – Presentation”. These standards require disclosure that
enables financial statement users to evaluate and understand the significance of financial
instruments for the Company’s financial position and performance and the nature and extent of
risks arising from financial instruments to which the Company is exposed during the period and at
the balance sheet date, and how the Company manages those risks.
In January 2009, the CICA issued EIC-173 “Credit Risk and the Fair Value of Financial Assets and
Liabilities”, which requires the Company take into account its own credit risk and the credit risk of
the counterparty in determining the fair value of financial assets and liabilities, including derivative
instruments. The adoption of EIC-173 during the second quarter of the current year had no impact
on the Company’s consolidated financial statements as credit adjusted fair values had already been
used.
(iii) Capital disclosures
The Company adopted CICA Handbook Section 1535 “Capital Disclosures”. This standard requires
the Company to disclose information that enables financial statement users to evaluate the
Company’s objectives, policies and processes for managing capital.
The following policies will be adopted in future years:
(iv) Goodwill and intangible assets
In 2010, the Company will adopt CICA Handbook Section 3064, “Goodwill and Intangible Assets”,
which replaces Sections 3062, “Goodwill and Other Intangible Assets”, and 3450, “Research and
Development Costs”. Section 3064 establishes standards for the recognition, measurement,
presentation and disclosure of goodwill and intangible assets. The Company does not expect this
standard to have a significant impact on its consolidated financial statements upon adoption.
27
Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2009