Shaw 2011 Annual Report Download - page 84

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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]
1. SIGNIFICANT ACCOUNTING POLICIES
Shaw Communications Inc. (the “Company”) is a public company whose shares are listed on the
Toronto and New York Stock Exchanges. The Company is a diversified Canadian communications
company whose core operating business is providing broadband cable television services, Internet,
Digital Phone, and telecommunications services (“Cable”); Direct-to-home (“DTH”) satellite services
(Shaw Direct), and satellite distribution services (“Satellite Services”); and programming content
(through Shaw Media).
The consolidated financial statements are prepared by management in accordance with Canadian
generally accepted accounting principles (“GAAP”). The effects of differences between the application
of Canadian and US GAAP on the consolidated financial statements of the Company are described in
note 24.
Basis of consolidation
The consolidated financial statements include the accounts of the Company and those of its
subsidiaries. Intercompany transactions and balances are eliminated on consolidation. The results of
operations of subsidiaries acquired during the year are included from their respective dates of
acquisition.
The accounts also include the Company’s 33.33% proportionate share of the assets, liabilities,
revenues, and expenses of its interest in the Burrard Landing Lot 2 Holdings Partnership (the
“Partnership”). In addition, effective October 27, 2010, the Company acquired a 50% interest in three
specialty television channels as part of the television broadcasting business acquisition.
The Company’s interest in the assets, liabilities, results of operations and cash flows of these joint
ventures are as follows:
2011
$
2010
$
Current assets 12,329 570
Program rights 361 –
Property, plant and equipment 16,158 16,820
28,848 17,390
Current liabilities 1,246 390
Long-term debt 20,394 20,951
Proportionate share of net assets (liabilities) 7,208 (3,951)
80