Shaw 2009 Annual Report Download - page 32

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(v) International Financial Reporting Standards (IFRS)
In February 2008, the CICA Accounting Standards Board (AScB) confirmed that Canadian publicly
accountable enterprises will be required to adopt International Financial Reporting Standards
(IFRS), as issued by the International Accounting Standards Board (IASB), for fiscal periods
beginning on or after January 1, 2011. These standards would require the Company to begin
reporting under IFRS in the first quarter of fiscal 2012 with comparative data for the prior year. The
table below outlines the phases involved in a changeover to IFRS.
Phase Description and status
Impact assessment and planning This phase includes establishment of a
project team and high-level review to
determine potential significant
differences under IFRS as compared to
Canadian GAAP. This phase has been
completed and as a result, the Company
has developed a transition plan and a
preliminary timeline to comply with the
changeover date while recognizing that
project activities and timelines may
change as a result of unexpected
developments.
Design and development – key elements This phase includes (i) an in-depth review
to identify and assess accounting and
reporting differences, (ii) evaluation and
selection of accounting policies, (iii)
assessment of impact on information
systems, internal controls, and business
activities, and (iv) training and
communication with key stakeholders.
The Company has completed its
preliminary identification and assessment
of accounting and reporting differences
and evaluation of accounting policies is
in progress. In addition, training has been
provided to certain key employees
involved in or directly impacted by the
conversion process.
Implementation This phase includes integration of
solutions into processes and financial
systems that are required for the
conversion to IFRS and parallel reporting
during the year prior to transition
including proforma financial statements
and note disclosures.
J. Known events, trends, risks and uncertainties
The Company is subject to a number of risks and uncertainties which could have a material adverse
effect on its future profitability. Included herein is a “Caution Concerning Forward-Looking
Statements” section which should be read in conjunction with this report.
28
Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2009