Telus 2010 Annual Report Download - page 125

TELUS 2010 annual report . 121
FINANCIAL STATEMENTS & NOTES
December 31, 2010
TELUS Corporation was incorporated under the Company Act (British Columbia) on October 26, 1998, under the name BCT.TELUS Communications Inc.
(BCT). On January 31, 1999, pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act among BCT, BC TELECOM Inc.
(BC TELECOM) and the former Alberta-based TELUS Corporation (TC), BCT acquired all of the shares of BC TELECOM and TC in exchange for Common
Shares and Non-Voting Shares of BCT. Subsequently on January 31, 1999, BC TELECOM was dissolved. On May 3, 2000, BCT changed its name to
TELUS Corporation and in February 2005, the Company transitioned under the Business Corporations Act (British Columbia), successor to the Company
Act (British Columbia). TELUS Corporation maintains its registered office at Floor 21, 3777 Kingsway, Burnaby, British Columbia, V5H 3Z7.
TELUS Corporation is one of Canada’s largest telecommunications companies, providing a full range of telecommunications products and services.
The Company is the largest incumbent telecommunications service provider in Western Canada and provides data, Internet protocol, voice and wireless
services to Central and Eastern Canada.
Notes to consolidated financial statements Page Description
GENERAL APPLICATION
1. Summary of significant accounting policies 122 Summary review of accounting principles and the methods used in their application
by the Company
2. Accounting policy developments 127 Summary review of generally accepted accounting principle developments that do, will,
or may, affect the Company
3. Capital structure financial policies 127 Summary review of the Company’s objectives, policies and processes for managing
its capital structure
4. Regulation of rates charged to customers 129 Summary review of rate regulation impacts on Company operations and revenues
5. Financial instruments 131 Summary schedules and review of financial instruments, including the management
of associated risks and fair values
CONSOLIDATED RESULTS OF OPERATIONS FOCUSED
6. Segmented information 138 Summary disclosure of segmented information regularly reported to the Company’s
chief operating decision-maker
7. Restructuring costs 139 Summary continuity schedule and review of restructuring costs
8. Financing costs 139 Summary schedule of items comprising financing costs by nature
9. Income taxes 140 Summary reconciliations of statutory rate income tax expense to provision for income
taxes and analyses of future income tax liability
10. Per share amounts 141 Summary schedule and review of numerators and denominators used in calculating
per share amounts and related disclosures
11. Dividends per share 141 Summary schedule of dividends declared
12. Share-based compensation 142 Summary schedules and review of compensation arising from share option awards,
restricted stock units and employee share purchase plan
13. Employee future benefits 145 Summary schedules and review of employee future benefits and related disclosures
CONSOLIDATED FINANCIAL POSITION FOCUSED
14. Accounts receivable 151 Summary schedule and review of arm’s-length securitization trust transactions
and related disclosures
15. Property, plant and equipment 152 Summary schedule of items comprising property, plant and equipment
16. Intangible assets and goodwill 153 Summary schedule of intangible assets, including goodwill and review of reported
fiscal year acquisitions from which goodwill arose
17. Short-term obligations 155 Summary review of bilateral bank facilities
18. Long-term debt 156 Summary schedule of long-term debt and related disclosures
19. Common Share and Non-Voting Share equity 158 Review of Common Share and Non-Voting Share equity items including details of
other comprehensive income, accumulated other comprehensive income and share
option price stratification
20. Commitments and contingent liabilities 161 Summary review of contingent liabilities, lease obligations, guarantees, claims and lawsuits
OTHER
21. Additional financial information 162 Summary schedules of items comprising certain primary financial statement line items
22. Transactions with key management personnel 164 Summary schedules and review of transactions with key management personnel
23. Differences between Canadian and United
States generally accepted accounting principles
164 Summary schedules and review of differences between Canadian and United States
generally accepted accounting principles as they apply to the Company
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS