Telus 2011 Annual Report Download - page 173
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TELUS 2011 ANNUAL REPORT . 169
FINANCIAL STATEMENTS & NOTES: 25
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
Classification of
long-term credit
facility borrowings
Current maturities X
of long-term debt $ß 467 $ß 104
Long-term debt $ (467) $ (104)
Previously, Canadian GAAP provided that
when a debtor used short-term obligations
drawn on a long-term credit facility and
which were subsequently “rolled over”
(e.g. commercial paper), such obligations
were permitted to be classified as a non-
current debt if the underlying long-term
credit facility was classified as non-current.
IFRS-IASB requires that such short-term
obligations drawn on a long-term credit
facility be classified as a current debt.
Cumulative
translation
differences
Retained earnings $ (19) $ (19) X
Accumulated other
comprehensive income $ß 19 $ß 19
At the date of transition to IFRS-IASB,
as allowed by International Financial
Reporting Standard 1, First-time Adoption
of International Financial Reporting
Standards, the Company has elected
to use the exemption which deems
cumulative translation differences for all
foreign operations to be zero at the date
of transition.
(e) Reconciliations – consolidated statement of cash flows
The Company’s consolidated statement of cash flows was not materially affected by the transition to IFRS-IASB.