Shaw 2012 Annual Report Download - page 36

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Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2012
ŠThe following standards and amended standards are required to be applied retrospectively
for the annual period commencing September 1, 2013 and other than the disclosure
requirements therein, they must be initially applied concurrently:
ŠIFRS 10, Consolidated Financial Statements, replaces previous consolidation
guidance and outlines a single consolidation model that identifies control as the
basis for consolidation of all types of entities.
ŠIFRS 11, Joint Arrangements, replaces IAS 31 Interests in Joint Ventures and SIC
13 Jointly Controlled Entities – Non-Monetary Contributions by Venturers. The new
standard classifies joint arrangements as either joint operations or joint ventures.
ŠIFRS 12, Disclosure of Interests in Other Entities, sets out required disclosures on
application of IFRS 10, IFRS 11, and IAS 28 (amended 2011).
ŠIAS 27, Separate Financial Statements was amended in 2011 for the issuance of
IFRS 10 and retains the current guidance for separate financial statements.
ŠIAS 28, Investments in Associates was amended in 2011 for changes based on
issuance of IFRS 10 and IFRS 11 and provides guidance on accounting for joint
ventures, as defined by IFRS 11, using the equity method.
ŠIFRS 13, Fair Value Measurement, defines fair value, provides guidance on its
determination and introduces consistent requirements for disclosure of fair value
measurements and is required to be applied prospectively for the annual period
commencing September 1, 2013.
ŠIAS 12, Income Taxes (amended 2011), introduces an exception to the general
measurement requirements of IAS 12 in respect of investment properties measured at fair
value. It is required to be applied retrospectively for the annual period commencing
September 1, 2012.
ŠIAS 19, Employee Benefits (amended 2011), eliminates the existing option to defer
actuarial gains and losses and requires changes from the remeasurement of defined
benefit plan assets and liabilities to be presented in the statement of other
comprehensive income and is required to be applied retrospectively (with certain
exemptions) for the annual period commencing September 1, 2013.
ŠIAS 1, Presentation of Financial Statements, was amended to require presentation of
items of other comprehensive income based on whether they may be reclassified to the
statement of income and is required to be applied retrospectively for the annual period
commencing September 1, 2012.
I. 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.
The risks and uncertainties discussed below highlight the more important and relevant factors
that could significantly affect the Company’s operations. They do not represent an exhaustive
list of all potential issues that could affect the financial results of the Company. The principal
risks relate to:
ŠCompetition and technological change, including change in regulatory regime
ŠEconomic conditions
ŠInterest rates, foreign exchange rates, and capital markets
ŠLitigation
ŠUninsured risks of loss
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