Annual report - About TELUS

Recently Issued Accounting Standards Not Yet Implemented
Under Staff Accounting Bulletin 74, the Company is required to disclose certain information related to new accounting
standards which have not yet been adopted due to delayed effective dates.
SFAS 133, “Accounting for Derivative Instruments and Hedging Activities,” originally effective for fiscal 2000, has been
deferred and will now be effective for fiscal 2001. It requires that all derivatives be recognized as either assets or
liabilities and measured at fair value. The criteria for determining whether all or a portion of a derivative may be
designated as a hedge have changed. Derivatives which are fair value hedges, together with the financial instrument
being hedged, will be marked to market with adjustments reflected in income. Derivatives which are cash flow hedges
will be marked to market with adjustments reflected in comprehensive income. The adoption of this Statement in 2000
would have resulted in $30.3 million being recognized as an expense in other comprehensive income and a loss of
$1.0 million being recognized in the income statement.
21. PRIOR YEAR PRESENTATION
The 1999 amounts have been reclassified, where applicable, to conform with the 2000 presentation.
22. SUBSEQUENT EVENTS
(a) On January 30, 2001, the Company sold certain administrative buildings as part of a sale leaseback
arrangement. The proceeds on sale were $108.4 million, resulting in a deferred gain on sale of $17.3 million.
(b) On February 1, 2001, the Company became the successful bidder during the public auction of additional
PCS Spectrum licenses in certain regions of Canada. The amount to be paid in 2001 for these assets will
be $355.9 million.
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