ManageMent’s Discussion anD analysis CHANGES IN ACCOUNTING PRINCIPLES AND PRACTICES NOT YET ADOPTED The next actuarial valuations are scheduled for December 31, 2013 for three of the four defined benefit pension plans. The  actuarial valuation for the other plan is scheduled for December 31, 2015. In the current volatile financial environment, return on plan assets may vary from historical plan performance. This, combined  with the discount rate used in assessing plan liabilities, may significantly increase pension plan expenses in future years. Estimated useful lives of property, plant and equipment is based on management’s judgements and assumptions about the physical useful lives of the assets and their economic life, the maintenance of the asset and the method by which the asset depreciates. A number of new standards, and amendments to standards and interpretations, are not yet effective for fiscal 2013 and have  not been applied in preparing the consolidated financial statements. The Company will continue evaluating the impact that  these standards will have on its results of operations and financial position. IAS 19  Employee Benefits  – This standard includes the elimination of the option to defer the recognition of gains and losses,  enhancing the guidance around measurement of plan assets and defined benefit obligations, streamlining the presentation of  changes in assets and liabilities arising from defined benefit plans and the introduction of enhanced disclosures for defined  benefit plans. This standard is effective for annual periods beginning January 1, 2013. The impact of this new standard retrospectively applied to the consolidated financial statements of the Company for 2013,  once adopted in 2014, is as follows: IFRS 10  Consolidated Financial Statements  – This standard provides additional guidance to determine whether an entity should  be included within the consolidated financial statements of the Company. The standard is required to be adopted for annual  periods beginning January 1, 2013. The adoption of IFRS 10,  Consolidated Financial Statements  is not expected to have a  material impact on the consolidated financial statements of the Company. IFRS 13  Fair Value Measurement  – This standard provides new guidance on fair value measurement and disclosure requirements.  This standard is required to be adopted for annual periods beginning January 1, 2013. The adoption of IFRS 13 is not  expected to have any significant impact on the consolidated financial statements. IAS 36,  Impairment of assets  – The IASB has issued amendments to IAS 36,  Impairment of assets , to reverse the unintended  requirements in IFRS 13,  Fair Value Measurements , to disclose the recoverable amount of every cash-generating unit to  which significant goodwill or indefinite-lived intangible assets have been allocated. Under the amendments, recoverable  amount is required to be disclosed only when an impairment loss has been recognized or reversed.The amendments apply  retrospectively for annual periods beginning on or after January 1, 2014. The extent of the impact of adoption of IAS 36,  Impairment of assets  on the consolidated financial statements of the Company has not yet been determined. 28 Rogers Sugar Inc. • Increase in pension expense of $1.0 million; • Decrease in deferred income taxes expense of $0.3 million; • Increase of other comprehensive income of $0.7 million, net of taxes; Depreciation 