value and establishes a framework for measuring fair value. It does not
introduce new fair value measurements or eliminate the practicability
exceptions to fair value measurements that currently exist in certain
standards. We have incorporated the fair value requirements
throughout our annual consolidated financial statements.
 IAS 19, Employee Benefits (2011) (IAS 19) –On January 1, 2013, we
adopted IAS 19, which changes the basis for determining the income
or expense related to defined benefit plans. This amendment
eliminated the concept of return on plan assets and interest cost
(income) and replaced it with a net interest cost that is calculated by
applying the discount rate to the net liability (asset). The net interest
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
of the annual consolidated financial statements for more information
about our pension plans.
 IAS 36, Impairment of Asset (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
We are required to adopt the following revised accounting standards on
or after January 1, 2014. We are assessing the impact of adopting these
revised standards on our 2014 interim and consolidated financial
statements.
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
2013 ANNUAL REPORT ROGERS COMMUNICATIONS INC. 81