Telus 2010 Annual Report Download - page 85
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TELUS 2010 annual report . 81
Effects of transition
Topic
Unaudited Unaudited
pro forma effect pro forma effect
on Owners’ equity on Net income
(Section 8.2.2) (Section 8.2.3)
Description and impacts As at Year ended
($ millions – increase (decrease)) Jan. 1, 2010 Dec. 31, 2010
Provisions Difference from Canadian GAAP; transition date and ongoing impacts:
IFRS requires that provisions be presented on the statement of financial position
as a distinct line item. Canadian GAAP did not identify provisions as a specific subset
of liabilities. At the transition date, as a result of further review and analysis, certain
provisions were deter mined to be more long-term in nature, resulting in Current liabilities
decreasing by $22 million and Non-current liabilities increasing by $22 million.
As at January 1, 2010
Accounts payable and accrued liabilities (42)
Restructuring accounts payable and accrued liabilities (135)
Advance billings and customer deposits (144)
Provisions – Current liabilities 299
Other long-term liabilities (69)
Provisions – Non-current liabilities 91 –
Income taxes – deferred Difference from Canadian GAAP; transition date and ongoing impacts:
IFRS requires that taxable and deductible temporary differences arising from current
assets and current liabilities be classified, respectively, as non-current liabilities
and non-current assets. Canadian GAAP classified taxable and deductible temporary
differences arising from current assets and current liabilities, respectively, as the
current portion of future income tax liabilities and assets, respectively. Deferred income
taxes at the transition date also reflect tax impacts of various retrospective adjustments.
As at January 1, 2010
Other long-term assets (2)
Income and other taxes payable (9)
Current portion of deferred income taxes (294)
Deferred income tax liability 296
Retained earnings 5 5
Income taxes Year ended December 31, 2010
Income taxes 1
Net income (1) (1)
Cumulative translation
differences
IFRS 1 optional exemption taken: Yes.
Transition date impact: The Company has chosen to deem cumulative translation
differences for all foreign operations to be zero, resulting in a reclassification of
cumulative foreign currency translation losses from Accumulated other comprehensive
income to Retained earnings. Had the Company not taken the exemption, the standard
would have been retroactively applied to the date each foreign subsidiary was acquired
or formed.
As at January 1, 2010
Retained earnings (19)
Accumulated other comprehensive income 19 –
Total effects (220) 14
MANAGEMENT’S DISCUSSION & ANALYSIS: 8