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The adoption of the standard had the following impacts on prior period comparative figures:
Consolidated statements of income and comprehensive income
-------------------------------------------------------------------------------------------------------------------------------------------------------- Three-month periodIncrease (decrease) ended March 31, 2012----------------------------------------------------------------------------Revenues $ (2,349)Purchases of goods and services (1,439)Financial expenses 4----------------------------------------------------------------------------Loss before tax expense and share of income of associated corporations and joint ventures 914Share of loss (income) of associated corporations and joint ventures (914)----------------------------------------------------------------------------Net income and comprehensive income $ ---------------------------------------------------------------------------------------------------------------------------------------------------------
(iii) IFRS 12 Disclosure of Interests in Other Entities is a new and comprehensive standard on disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose entities and other off-balance sheet vehicles.
(iv) IFRS 13 Fair Value Measurement is a new and comprehensive standard that sets out a framework for measuring at fair value and that provides guidance on required disclosures about fair value measurements.
(v) IAS 1 Presentation of Financial Statements was amended and the principal change resulting from amendments to this standard is the requirement to present separately other comprehensive items that may be reclassified to income and other comprehensive items that will not be reclassified to income.
(vi) IAS 19 Employee Benefits (Amended) involves, among other changes, the immediate recognition of the re-measurement component in other comprehensive income, thereby removing the accounting option previously available in IAS 19 to recognize or to defer recognition of changes in defined benefit obligations and in the fair value of plan assets directly in the consolidated statement of income. IAS 19 also introduces a net interest approach that replaces the expected return on assets and interest costs on the defined benefit obligation with a single net interest component determined by multiplying the net defined benefit liability or asset by the discount rate used to determine the defined benefit obligation. In addition, all past service costs are required to be recognized in profit or loss when the employee benefit plan is amended and no longer spread over any future service period. IAS 19 also allows amounts recorded in other comprehensive income to be recognized either immediately in retained earnings or as a separate category within equity. The Corporation has elected to immediately recognize in accumulated other comprehensive income the amounts recorded in other comprehensive income.
The adoption of the amended standard had the following impacts on comparative figures for prior period:
