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S
haw
C
ommunications Inc
.
MANA
G
EMENT’
S
DI
SCUSS
I
O
N AND ANALY
S
I
S
August
,
t
he
C
om
p
an
y
. In add
i
t
i
on to com
p
ensat
i
on
p
rov
i
ded to ke
y
mana
g
ement
p
ersonnel and the
B
oard of Directors for services rendered, the Company transacts with companies related t
o
certain Board members primarily for the purchase of remote control units and agency services
f
or d
i
rect sales and related
i
nstallat
i
on o
f
e
q
u
ip
ment
.
H. New accountin
g
standard
s
S
haw has ado
p
ted or w
i
ll ado
p
t a number o
f
new account
i
n
gp
ol
i
c
i
es as a result o
f
recen
t
changes
i
n IFR
S
as
i
ssued by the IA
S
B. The ensu
i
ng d
i
scuss
i
on prov
i
des add
i
t
i
onal
i
n
f
ormat
i
o
n
as to the date that Shaw is or was required to adopt the new standards, the methods o
f
ado
p
t
i
on
p
erm
i
tted b
y
the standards, the method chosen b
yS
haw, and the e
ff
ect on the
fi
nanc
i
al statements as a result o
f
adopt
i
ng the new pol
i
cy. The adopt
i
on or
f
uture adopt
i
on o
f
t
hese accounting policies has not and is not expected to result in changes to the Company’s
current bus
i
ness
p
ract
i
ces
.
Adoption o
f
recent accounting pronouncement
s
The Company adopted the following standards and amendments effective September 1, 2012
:
(i)
Em
p
lo
y
ee Bene
fi
t
s
IAS 19
,
Employee Benefit
s
(amended 2011), eliminates the existing option to defer
actuar
i
al
g
a
i
ns and losses and re
q
u
i
res chan
g
es
f
rom the remeasurement o
f
de
fi
ned
b
ene
fi
t plan assets and l
i
ab
i
l
i
t
i
es to be presented
i
n the statement o
f
othe
r
c
omprehensive income. The significant amendments to IAS 19 which impact the
C
om
p
an
y
are as
f
ollows:
Š
Expected return on plan assets is replaced with interest income and calculated
b
ased on the d
i
scount rate used to measure the
p
ens
i
on obl
ig
at
i
on; the d
iff
erenc
e
b
etween
i
nterest
i
ncome and actual return on plan assets
i
s recogn
i
zed
i
n other
c
omprehensive incom
e
Š
Immed
i
ate reco
g
n
i
t
i
on o
fp
ast serv
i
ce costs when
p
lan amendments occu
r
regardless o
f
whether or not they are veste
d
Š
P
lan administration costs, other than costs associated with managing plan assets
,
are re
q
u
i
red to be ex
p
ense
d
Š
Expanded d
i
sclosures
i
nclud
i
ng plan character
i
st
i
cs and r
i
sks ar
i
s
i
ng
f
rom de
fi
ne
d
b
enefit plan
s
The
C
om
p
an
y
earl
y
ado
p
ted the amended standard w
i
th retros
p
ect
i
ve restatement
e
ffective September 1, 2012 and the impact of adoption is outlined in Note 2 of th
e
c
onsolidated financial statements.
(
ii) Presentation of Financial Statement
s
IA
S1,
P
resentat
i
on o
f
F
i
nanc
i
al
S
tatement
s
,
was amended to re
q
u
i
re
p
resentat
i
on o
f
i
tems o
f
other comprehens
i
ve
i
ncome based on whether they may be reclass
ifi
ed to the
statement of income and has been applied retrospectively.
(iii)
Income Taxe
s
IAS 12
,
Income Taxe
s
(
amended 2011), introduces an exce
p
tion to the
g
eneral
m
easurement re
q
u
i
rements o
f
IA
S12i
n res
p
ect o
fi
nvestment
p
ro
p
ert
i
es measured at
f
a
i
r
value. The amendment had no impact on the Company’s consolidated financia
l
s
t
a
t
emen
t
s
.
31