Shaw 2010 Annual Report Download - page 37

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The following policies will be adopted in future years:
i) 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 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 the 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.
During 2009, the Company completed its
preliminary identification and assessment of
accounting and reporting differences. In
addition, training was provided to certain key
employees involved in or directly impacted by
the conversion process.
During the current year, the assessment of the
impact on information systems and design phase
of system changes have been completed and the
implementation phase has commenced. The
Company has completed further in-depth
evaluations of those areas initially identified as
being potential accounting and reporting
differences, as well as the evaluation of IFRS 1
elections/exemptions which are discussed below.
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. Process solutions will incorporate
required revisions to internal controls during the
changeover and on an on-going basis.
33
Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2010