Telus 2010 Annual Report Download - page 43

TELUS 2010 annual report . 39
TELUS’ Consolidated financial statements have been prepared in
accordance with Canadian generally accepted accounting principles
(GAAP), which differ in certain respects from U.S. GAAP. See Note 23
to the Consolidated financial statements for a summary of the prin-
ci pal differences between Canadian and U.S. GAAP as they relate to
TELUS. All amounts are in Canadian dollars unless otherwise specified.
February 24, 2011
The following sections are a discussion of the consolidated financial position and financial performance
of TELUS Corporation for the years ended December 31, 2010 and 2009, and should be read together
with TELUS’ audited Consolidated financial statements dated December 31, 2010. This discussion contains
forward-looking information qualified by reference to, and should be read together with, the Caution
regarding forward-looking statements.
TELUS’ Consolidated financial statements include the accounts of
the Company and all of the Company’s subsidiaries, of which the principal
one is TELUS Communications Inc. (TCI). Currently, through the TELUS
Communications Company partnership and the TELE-MOBILE COMPANY
partnership, TCI includes substantially all of the Company’s wireline
segment’s operations and all of the wireless segment’s operations.
MANAGEMENT’S DISCUSSION & ANALYSIS
MANAGEMENT’S DISCUSSION AND ANALYSIS CONTENTS
Section Page Section Page
1INTRODUCTION
A summary of TELUS’ consolidated results
for 2010, performance against 2010 targets,
and presentation of targets for 2011
40 7LIQUIDITY AND CAPITAL RESOURCES
A discussion of cash flow, liquidity, credit
facilities and other disclosures
66
2CORE BUSINESS AND STRATEGY
A discussion of TELUS’ core business
and strategy, including examples
of TELUS’ activities in support of its
six strategic imperatives
47 8CRITICAL ACCOUNTING ESTIMATES
AND ACCOUNTING POLICY
DEVELOPMENTS
Accounting estimates that are critical
to determining financial results; and a
summary of differences arising because
of the convergence of Canadian GAAP
with International Financial Reporting
Standards as issued by the International
Accounting Standards Board (IFRS-IASB),
including unaudited pro forma quantified
transition effects
73
3KEY PERFORMANCE DRIVERS
A report on 2010 corporate priorities
and an outline of 2011 priorities
48
4CAPABILITIES
Factors that affect the capability to execute
strategies, manage key performance
drivers and deliver results
50 9GENERAL OUTLOOK
Expectations for the telecommunications
industry in 2011
88
5DISCUSSION OF OPERATIONS
A detailed discussion of operating
performance for 2010
55 10 RISKS AND RISK MANAGEMENT
Risks and uncertainties facing TELUS and
how the Company manages these risks
91
6CHANGES IN FINANCIAL POSITION
A discussion of changes in the Consolidated
statements of financial position for the year
ended December 31, 2010
64 11 DEFINITIONS AND RECONCILIATIONS
Definitions of operating, liquidity and capital
resource measures, including calculation and
reconciliation of certain non-GAAP measures
used by management
109