Shaw 2009 Annual Report Download - page 72

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Adoption of recent Canadian accounting pronouncements
(i) Inventories
Effective September 1, 2008, 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
Effective September 1, 2008, 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. The
new disclosures are included in note 19.
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
Effective September 1, 2008, 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 new disclosures are included in note 21.
Recent Canadian accounting pronouncements
(i) 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.
(ii) 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 fiscal 2012 with comparative data for the prior year. The Company has
developed its plan and has completed the preliminary identification and assessment of the
accounting and reporting differences under IFRS as compared to Canadian GAAP. Evaluation of
accounting policies is in progress; however, at this time, the full impact of adopting IFRS is not
reasonably estimable or determinable.
68
Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2009, 2008 and 2007
[all amounts in thousands of Canadian dollars except share and per share amounts]