Consolidated  financial statements Joint  arrangements Disclosure  of interests in other entities RECENTL Y ISSUED Financial  instruments Revenue from contracts with customers  In May 2014, the IASB issued IFRS 15 “Revenue from Contracts with Customers” which is a replacement of IAS 18  “Revenue”,  IAS 11 “Construction Contracts” and related interpretations. Under IFRS 15 standard, revenue is recognized  at  the point in time when control of the goods or services transfers to the customer rather than when the significant risks  and  rewards are transferred. The new standard also requires additional disclosures through notes to financial statements.  IFRS 15 shall be applied to fiscal years beginning on or after January 1, 2017. Earlier application is permitted. The  Corporation is  assessing the impact of this new standard  on  its consolidated  financial statements.  In July 2014, the IASB issued a new impairment model for financial assets based on expected credit losses. IFRS 9  shall be applied to fiscal years beginning on or after January 1, 2018. Earlier application is permitted.  The  Corporation  is  assessing the impact of this new standard  on  its consolidated  financial statements. In November 2013, the IASB incorporated a new hedge accounting model into IFRS 9 to enable financial statement  users  to better understand an  entity’ s risk exposure  and  its risk management activities. In October 2010, the IASB issued revisions to IFRS 9, adding the requirements for classification and measurement of  financial liabilities contained  in IAS 39. In November 2009, the International  Accounting  Standards Board (IASB) issued IFRS 9 “Financial Instruments”. This  new  standard replaces the various rules of IAS 39 “Financial Instruments: Recognition and Measurement” with a single  approach  to determine whether a financial asset is measured at amortized cost or fair value. This approach is based on  how  an entity manages  its  financial  instruments and  the contractual  cash  flow  characteristics  of the financial  assets.  IFRS 12  “Disclosure of Interests in Other Entities” requires that an entity disclose more information on the nature of and  risks associated with its interests in other entities (i.e. subsidiaries, joint arrangements, associates or unconsolidated  structured entities) and the ef fects  of those interests on its financial statements.  Additional  information is disclosed in  notes  4 and  12  of annual consolidated  financial statements. IFRS 1 1 “Joint Arrangements” supersedes IAS 31 “Interests in Joint Ventures” and SIC-13 “Jointly Controlled Entities -  Non-Monetary Contributions by V enturers”. This standard describes two types of joint arrangements which dif fer  according to the rights and obligations of the partners: joint operations and joint ventures. IFRS 1 1 eliminates the  proportionate consolidation method for joint ventures and requires the equity method. For joint operations, it requires  recognition  of a joint operator’s share of each of the items comprising the joint arrangement. This new standard did not  impact  the Corporation's annual  consolidated financial statements. This  new standard  did  not impact the Corporation's  annual  consolidated  financial statements.  IFRS 10 “Consolidated Financial Statements” replaces SIC-12 “Consolidation - Special Interest Entities” and certain  parts of IAS 27 “Consolidated and Separate Financial Statements”. This standard eliminates the risk/benefit-based  approach  and uses control as the sole basis for consolidation. An investor controls an investee if and only if the investor  has  all  of  the following  elements:  a) power over the investee; c) the ability to use  power  over the investee to affect  the  amount of the investor's  returns. b) exposure or  rights  to variable  returns  from involvement  with  the investee; $^{(1)}$ See table on "Operating income before depreciation and amortization and associate's earnings adjustments"  $^{(2)}$ See table on "Net earnings from continuing operations adjustments" $^{(3)}$ See section on "Forward-looking information" $^{(4)}$ See section on "IFRS and non-IFRS measurements"  $^{(5)}$ See table on "Net earnings adjustments" -  30 -