(Millions of dollars, unless otherwise indicated) Notes to consolidated financial statements  September 27, 2014 and September 28, 2013 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 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 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.  The preparation of the consolidated financial statements requires management to make judgements, estimates and  assumptions that af fect  the recognition and valuation of assets, liabilities, sales, other income and expenses. These  estimates  and assumptions are based on historical experience and other factors deemed relevant and reasonable and  are  reviewed at every closing date. The use of different estimates could produce different amounts in the consolidated  financial statements.  Actual results may differ  from  these estimates. In applying the Corporation's accounting policies, management has made the following judgements, which have the  most  significant effect on the amounts recognized  in  the consolidated  financial statements:  The  Corporation has no voting rights in certain food stores. However, the franchise contract gives it the ability to control  these  stores' main activities. Its decisions are not limited to protecting its trademarks. The Corporation retains the majority  of  stores' profits and losses. For these reasons, the Corporation consolidates these food stores in its financial statements. The  Corporation has no voting rights in the trust created for PSU plan participants. However, under the trust agreement,  it  instructs the trustee as to the sale and purchase of Corporation shares and payments to beneficiaries, gives the trustee  money to buy Corporation shares, assumes vesting variability ,  and ensures that the trust holds a suf ficient  number of  shares  to meet its obligations to the beneficiaries. For these reasons, the Corporation consolidates this trust in its financial  statements. The  Corporation also has an agreement with a distributor that operates a plant exclusively for the needs and according  to  the specifications of the Corporation’s, which assumes all costs. For these reasons, the Corporation consolidates this  distributor in  its financial  statements.  The Corporation holds less than 20% of the voting rights in an associate, but one of its representatives sits on the  associate’ s  board of directors and is involved in financial and operating policy decisions. Management has concluded  that the Corporation exercises significant influence over the associate; so the Corporation in its financial statements,  accounts  for its investment in the associate using  the  equity  method. - 55 - Investment  in an associate Consolidation  of structured entities JUDGEMENTS  4. SIGNIFICANT JUDGEMENTS AND ESTIMATES Revenue from contracts with customers 