Westjet 2011 Annual Report Download - page 77

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Notes to Consolidated Financial Statements
For the years ended December 31, 2011 and 2010
(Stated in thousands of Canadian dollars, except share and per share amounts)
│
2. New accounting standards and interpretations
The IASB and International Financial Reporting Interpretations Committee (IFRIC) have issued the following standards that have
not been applied in preparing these consolidated financial statements as their effective dates fall within annual periods beginning
subsequent to the current reporting period.
Proposed standards Description Previous standard Effective
date (i)
IFRS 10 – Consolidated Financial
Statements
Builds on the existing principles of control and
elaborates on the definition of control when
determining whether an entity should be
consolidated or not.
SIC-12 – Consolidation –
Special Purpose Entities
IAS 27 – Consolidated
and Separate Financial
Statements
January 1,
2013
IFRS 11 – Joint Arrangements Focuses on the rights and obligations of an
arrangement rather than its legal form and
requires a single method to account for interests
in jointly controlled entities.
IAS 31 – Interests in
Joint Ventures
SIC 13 – Jointly
Controlled Entities –
Non-Monetary
Contributions by
Venturers
January 1,
2013
IFRS 12 – Disclosure of
Interests in Other Entities
A new standard detailing disclosure requirements
for all forms of interests in other entities,
including joint arrangements, associates, special
purpose entities and other off-statement of
financial position vehicles.
Various – no direct
replacement
January 1,
2013
IFRS 13 – Fair Value
Measurement
Sets out a single framework for measuring fair
value and disclosure requirements surrounding
the inputs and assumptions used in determining
fair value.
Various – no direct
replacement
January 1,
2013
IFRS 9 – Financial Instruments Initially issued in November 2009 to address the
classification and measurement of financial
assets. Additional guidance issued in October
2010 on the classification and measurement of
financial liabilities.
IAS 39 – Financial
Instruments: Recognition
and Measurement
January 1,
2015
(i) Effective for annual periods beginning on or after the stated date.
Management continues to evaluate the potential qualitative and quantitative impact of these new standards on the Corporation’s
financial statement measurements and disclosures. The Corporation does not anticipate early adopting these standards at this
time.
WestJet Annual Report 2011 77