Shaw 2011 Annual Report Download - page 139

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Shaw Communications Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
August 31, 2011, 2010 and 2009
[all amounts in thousands of Canadian dollars except share and per share amounts]
24. UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES
The consolidated financial statements of the Company are prepared in Canadian dollars in
accordance with Canadian GAAP. The following adjustments and disclosures would be required
in order to present these consolidated financial statements in accordance with US GAAP.
Upon adoption of IFRS effective September 1, 2011, the Company will no longer be required to
reconcile its consolidated financial statements to US GAAP.
(a) Reconciliation to US GAAP
2011 2010 2009
$$$
Net income from continuing operations using Canadian
GAAP 562,052 533,776 536,475
Add (deduct) adjustments for:
Deferred charges and credits (2) (8) (2,337) 14,539 4,576
Business acquisition costs (3) 17,263 (12,739) –
Gain (loss) on derivative instruments (7) (3,327) 10,002 –
Capitalized interest (10) 22,358 8,195 1,337
Income taxes (11) (7,795) (13,839) (3,613)
Net income from continuing operations using US GAAP 588,214 539,934 538,775
Loss from discontinued operations using Canadian GAAP (89,263) (1,044) –
Adjustment for capitalized interest (3,903) ––
Loss from discontinued operations using US GAAP (93,166) (1,044) –
Net income from continuing operations using US GAAP 588,214 539,934 538,775
Loss from discontinued operations using US GAAP (93,166) (1,044) –
Net income using US GAAP 495,048 538,890 538,775
Net income using US GAAP attributable to:
Common shareholders 475,960 539,890 538,775
Non-controlling interests 19,088 ––
495,048 538,890 538,775
Other comprehensive income (loss) using Canadian GAAP (7,509) 47,610 19,040
Fair value of derivatives (7) 8,627 (8,627) –
Change in funded status of defined benefit pension and
post-retirement plans (9) (18,511) (38,167) 11,315
(17,393) 816 30,355
Comprehensive income using US GAAP 477,655 539,706 569,130
135