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66 COGECO CABLE INC. 2013 Consolidated financial statements
3. NEW ACCOUNTING STANDARDS AND INTERPRETATIONS ISSUED BUT
NOT YET EFFECTIVE
A number of new standards, interpretations and amendments to existing standards were issued by the International Accounting Standard
Board (“IASB”) that are mandatory but not yet effective for the year ended August 31, 2013, and have not been applied in preparing these
consolidated financial statements. The following standards may have a material impact on future consolidated financial statements of the
Corporation:
Effective for annual periods
starting on or after
IFRS 7 Financial Instruments: Disclosures January 1, 2013 Early adoption permitted
IFRS 9 Financial Instruments January 1, 2015 Early adoption permitted
IFRS 10 Consolidated Financial Statements January 1, 2013 Early adoption permitted
IFRS 12 Disclosure of Interests in Other Entities January 1, 2013 Early adoption permitted
IFRS 13 Fair Value Measurement January 1, 2013 Early adoption permitted
Amendments to IAS 19 Employee Benefits January 1, 2013 Early adoption permitted
The amendment to IFRS 7 modifies disclosure requirement about all recognized financial instruments that are set off in accordance with IAS
32 Financial Instruments: Presentation.
IFRS 9 replaces the guidance in IAS 39 Financial Instruments: Recognition and Measurement on the classification and measurement of
financial assets and financial liabilities. The replacement of IAS 39 is a three-phase project with the objective of improving and simplifying
the reporting for financial instruments. This is the first phase of that project.
IFRS 10 replaces the consolidation requirements in IAS 27 Consolidated and Separate Financial Statements and SIC-12 Consolidation -
Special Purpose Entities. It provides a single model to be applied in the control analysis for all investees.
IFRS 12 establishes disclosure requirements for entities that have interests in subsidiaries, joint arrangements, associates and/or
unconsolidated structures entities.
IFRS 13 replaces the fair value measurement guidance contained in individual IFRS with a single source of fair value measurement guidance.
The standard clarifies the definition of fair value, establishes a framework for measuring fair value and sets out disclosure requirements for
fair value measurements.
The amendments to IAS 19 require the recognition of actuarial gains and losses immediately in OCI, full recognition of past service costs
immediately in profit or loss, recognition of expected return on plan assets in profit or loss to be calculated based on the rate used to discount
the defined benefit obligation and additional disclosures explaining the characteristics of the Corporation's defined benefit pension plans.
The Corporation is in the process of determining the extent of the impact of these standards on its consolidated financial statements.