cost takes into account any changes in the net defined benefit
liability (asset) during the period as a result of contributions and
benefit payments. The adoption of the amended standard resulted in
an increase in finance costs of $7 million and a decrease in other
comprehensive income, for a net effect of nil in comprehensive
income for the year ended December 31, 2012 and did not have a
material impact on net assets as at December 31, 2012. See note 22
for more information about our pension plans.
 IAS 36, Impairment of Assets (IAS 36) – In May 2013, the IASB
amended IAS 36 to clarify the circumstances in which the recoverable
amount of assets or cash-generating units is required to be disclosed,
to clarify the disclosures required, and to introduce an explicit
requirement to disclose the discount rate used in determining
impairment (or reversals) where the recoverable amount (based on
fair value less costs of disposal) is determined using a present value
technique. The amendments are effective for annual periods
beginning on or after January 1, 2014, with early adoption
permitted. We early adopted this policy as of January 1, 2013 and
made the required disclosures.
Recent Accounting Pronouncements
The IASB has issued new standards and amendments to existing
standards. These changes in accounting are not yet effective at
December 31, 2013, and could have an impact on future periods.
IAS 32, Financial Instruments: Presentation (IAS 32)– In December
2011, the IASB amended IAS 32 to clarify the meaning of when an
entity has a current legally enforceable right of set-off. The
amendments are effective for annual periods beginning on or after
January 1, 2014 and are required to be applied retrospectively. We
do not expect this to have a significant impact on our consolidated
financial statements.
 IAS 39, Financial Instruments: Recognition and Measurement
(IAS 39) – In June 2013, the IASB amended IAS 39 to provide relief
from discontinuing an existing hedging relationship when a novation
that was not contemplated in the original hedging documentation
meets specific criteria. The amendments are effective for annual
periods beginning on or after January 1, 2014 and are required to be
applied retrospectively. We are assessing the impact of this
amendment on our consolidated financial statements.
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 101