Westjet 2013 Annual Report Download - page 54

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WestJet Annual Report 2013 54
Future accounting pronouncements
The International Accounting Standards Board (IASB) and International Financial Reporting Interpretations Committee (IFRIC)
have issued the following standard that has not been applied in preparing our audited consolidated financial statements and
notes thereto, for the years ended December 31, 2013 and 2012 as its effective date falls within annual periods beginning
subsequent to the current reporting period.
Proposed
standard Description Previous standard
Effective
date
IFRS 9 –
Financial
Instruments
A single financial instrument accounting standard
addressing: classification and measurement (Phase
1), impairment (Phase II) and hedge accounting
(Phase III).
IAS 39; IAS 32; IFRS 7 – Financial
Instruments: Recognition and
Measurement; Presentation;
Disclosures
January 1,
2015
Management has not yet evaluated the impact of this new standard on our financial statement measurements and disclosures.
We do not anticipate early adopting this standard.
As previously disclosed in our December 31, 2012 annual consolidated financial statements, effective January 1, 2013, the
Corporation adopted IFRS 10 –
Consolidated Financial Statements
, IFRS 11 –
Joint Arrangements
, IFRS 12 –
Disclosure of
Interests in Other Entities
and IFRS 13 –
Fair Value Measurement
. The adoption of these new standards had no impact on the
recognition or measurement of any items in our audited consolidated financial statements for the year ended December 31,
2013. Additional disclosures related to these new standards can be found in notes 1 and 18 of the audited consolidated
financial statements.