Telus 2011 Annual Report Download - page 172

168 . TELUS 2011 ANNUAL REPORT
Topic
Amount of effect Recognition,
(increase (decrease), measurement,
in millions) presentation Presentation
January 1, December 31, and/or and/or
Line items affected 2010 2010 disclosure disclosure
Comments
Decommissioning
liabilities included
in the cost of
property, plant
and equipment
Property, plant X
and equipment $ß 12 $ß 23
Non-current liabilities
– provisions $ß 21 $ß 33
Deferred income taxes $ (2) $ (2)
Retained earnings $ (7) $ (8)
Previously, Canadian GAAP did not adjust
the pre-existing discounted asset retire-
ment obligation balance for changes in
discount rates and the associated discount
accretion was included with operations
expenses. IFRS-IASB requires that the
pre-existing discounted asset retirement
obligation balance be re-measured every
reporting period using the then current
discount rates and the associated discount
accretion is to be included as a component
of financing costs.
Employee benefits
– defined benefit
plans
Other long-term assets $ß(1,314) $ß(1,504) X
Other long-term liabilities $ß 142 $ß 200
Deferred income taxes $ (379) $ (442)
Retained earnings $ß(1,077) $ß(1,262)
Previously, Canadian GAAP required
that the accrued benefit assets (liabilities)
of defined benefit plans, rather than their
funded states, be presented in the state-
ment of financial position. IFRS-IASB
requires that the funded states of defined
benefit plans be presented in the state-
ment of financial position.
Leasing (sales
and leaseback
transactions)
Accounts payable X
and accrued liabilities $ (6) $ (7)
Other long-term liabilities $ (31) $ (18)
Deferred income taxes $ß 7 $ß 4
Retained earnings $ß 30 $ß 21
Previously, Canadian GAAP required that
gains arising on sales and leaseback trans-
actions be deferred and amortized over
the term of the resulting lease. IFRS-IASB
requires that, where the original sale was
at fair value, the gain be recognized in
income immediately.
Income taxes
– deferred
Other long-term assets $ (2) $ (5) X
Income and other
taxes payable $ (9) $ (6)
Current portion of
deferred income taxes $ (294) $ (348)
Deferred income taxes $ß 296 $ß 345
Contributed surplus $ (14) $ (14)
Retained earnings $ß 19 $ß 18
Previously, Canadian GAAP classified
taxable and deductible temporary differ-
ences arising from current assets and
current liabilities as current deferred
income tax liabilities and assets, respec-
tively. IFRS-IASB requires that taxable
and deductible temporary differences
arising from current assets and current
liabilities be classified as non-current
deferred income tax liabilities and assets,
respectively.
Provisions Accounts payable X
and accrued liabilities $ (42) $ (11)
Restructuring accounts
payable and accrued
liabilities $ (135) $ (111)
Advance billings and
customer deposits $ (144) $ß –
Current liabilities
– provisions $ß 299 $ß 122
Other long-term liabilities $ (48) $ (171)
Non-current liabilities
– provisions $ß 70 $ß 171
Previously, Canadian GAAP did not
identify provisions as a specific subset
of liabilities. IFRS-IASB requires that
provisions be presented on the statement
of financial position as a distinct line
item and that the movements in each
“class” of provisions be disclosed.
Relative to previous Canadian GAAP, the
application of IFRS-IASB may result in
provisions being recognized sooner and
for differing amounts. For the periods
presented, the Company is not materially
affected by the provision recognition
and measurement differences between
previous Canadian GAAP and IFRS-IASB.