notes to consolidated financial statements

December 31, 2006

TELUS Corporation is one of Canada's largest telecommunications companies, providing a full range of telecommunications products and services. The Company is the largest incumbent telecommunications service provider in Western Canada and also provides data, Internet protocol, voice and wireless services to Central and Eastern Canada.

Notes to consolidated financial statements Description

General application
1. Summary of significant accounting policies Summary review of accounting principles and the methods used in their application by the Company
2. Accounting policy developments Summary review of forthcoming generally accepted accounting principle developments that will, or may, affect the Company
3. Capital structure financial policies Summary review of the Company's objectives, policies and processes for managing its capital structure
4. Regulation of rates charged to customers Summary review of rate regulation impacts on Company operations and revenues
5. Financial instruments Summary schedule and review of financial instruments, including fair values thereof

Consolidated statements of income focused
6. Segmented information Summary disclosure of segmented information regularly reported to the Company's chief operating decision-maker
7. Restructuring and workforce reduction costs Summary continuity schedules and review of restructuring and workforce reduction costs
8. Financing costs Summary schedule of items comprising financing costs by nature
9. Income taxes Summary reconciliations of statutory rate income tax expense to provision for income taxes and analyses of future income tax asset and liability
10. Per share amounts Summary schedules and review of numerators and denominators used in calculating per share amounts and related disclosures
11. Share-based compensation Summary schedules and review of compensation arising from share option awards, restricted stock units and employee share purchase plan
12. Employee future benefits Summary and review of employee future benefits and related disclosures

Consolidated balance sheets focused
13. Accounts receivable Summary schedule and review of arm's-length securitization trust transactions and related disclosures
14. Capital assets Summary schedule of items comprising capital assets
15. Goodwill Summary schedule of goodwill and review of reported fiscal year acquisitions from which goodwill arises
16. Short-term obligations Summary review of bilateral bank facilities
17. Long-term debt Summary schedule of long-term debt and related disclosures
18. Shareholders' equity Summary schedules and review of shareholders' equity and changes therein including share option price stratification and normal course issuer bid summaries
19. Commitments and contingent liabilities Summary review of contingent liabilities, commitments, lease obligations, guarantees, claims and lawsuits

Other
20. Additional financial information Summary schedules of items comprising certain primary financial statement line items
21. Differences between Canadian and United States Summary schedules and review of differences between Canadian generally accepted accounting principles and United States generally accepted accounting principles as they apply to the Company



notes to consolidated financial statements PDF 576kb