Shaw 2014 Annual Report Download - page 36

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Shaw Communications Inc.
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 31, 2014
The Company adopted the following standards and amendments effective September 1, 2013:
Adoption of recent accounting pronouncements
The adoption of the following standards and amendments effective September 1, 2013 had no
impact on the Company’s consolidated financial statements other than additional disclosure
requirements.
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 same 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.
The Company has elected to early adopt the amendments to IAS 36 Impairment of Assets for
the year ended August 31, 2014. The amendments limit the requirement to disclose the
recoverable amount to assets (including goodwill) for which an impairment loss was recognized
or reversed in the period, instead of the recoverable amount for each CGU to which significant
goodwill or indefinite-life intangible assets have been allocated. Under the amendments,
recoverable amount is required to be disclosed only when an impairment loss has been
recognized or reversed.
Standards, interpretations and amendments to standards issued but not yet effective
The Company has not yet adopted certain standards, interpretations and amendments that have
been issued but are not yet effective. The following pronouncements are being assessed to
determine their impact on the Company’s results and financial position.
ŠIFRIC 21 Levies provides guidance on when to recognize a financial liability imposed by a
government, if the levy is accounted for in accordance with IAS 37 Provisions, Contingent
Liabilities and Contingent Assets, or where the timing and amount of the levy is certain.
This interpretation is effective for the annual period commencing September 1, 2014 and
is not expected to have an impact on the Company’s financial statements.
ŠClarification of Acceptable Methods of Depreciation and Amortization (Amendments to
IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets) prohibits revenue
from being used as a basis to depreciate property, plant and equipment and significantly
limits use of revenue-based amortization for intangible assets. The amendments are to be
applied prospectively for the annual period commencing September 1, 2016.
32