DERIV ATIVE FINANCIAL INSTRUMENTS NEW  ACCOUNTING POLICIES  ADOPTED IN 2014 Employee  benefits  Offsetting  financial assets and financial liabilities Fair  value measurement  Impairment  of assets IAS 36  “Impairment of Assets” was amended to require disclosures about assets or cash generating units for which an  impairment  loss was recognized or reversed during the period. Additional information is disclosed in note 6 to the annual  consolidated financial statements. IFRS 13 “Fair V alue  Measurement” establishes a single framework for fair value measurement of financial and non- financial  items. IFRS 13 defines fair value as the price that would be received to sell an asset or paid to transfer a liability  in an orderly transaction between market participants at the measurement date. It also requires disclosure of more  information  on fair value measurements. This new standard did not impact the Corporation's annual consolidated financial  statements,  but additional  information is  disclosed  in  notes 11, 12, 15,  16  and 30 of these financial  statements. IAS 32  “Financial Instruments: Presentation” was amended to clarify the requirements for offsetting financial assets and  financial liabilities. It specifies that the right of set-of f  has to be legally enforceable even in the event of bankruptcy .  IFRS 7  “Financial Instruments: Disclosures” was also amended to improve disclosures on offsetting of financial assets  and financial liabilities.  These  amendments did not impact the Corporation's annual consolidated financial statements,  but  additional  information  is disclosed  in  note 19 of these financial  statements. The  adjustments are explained in note 3 to the annual consolidated financial statements included in this annual report. IAS  19R has been applied  retroactively  with  restatement  of prior periods’annual consolidated  financial statements.  IAS 19R also requires additional disclosures to present the characteristics of defined benefit plans which is presented  in note  25 of annual  consolidated  financial  statements.  Under  IAS 19, the employee benefit expense includes interest income corresponding to management’s expected return  on plan assets. IAS 19R eliminates the return on plan assets component and requires recognition of interest on the  dif ference  between defined benefit obligations and plan assets based on the discount rate for measuring obligations.  This  net interest  is  no longer  presented  as an  employee  benefit expense  but  as part of financial  costs.  IAS 19R  eliminates the possibility of deferring recognition of past service costs related to unvested benefits and requires  their  immediate recognition in the income statement. Application of this amendment had no impact for the Corporation,  as  no  past  service costs have  been  deferred since the  transition  to IFRS.  IAS 19  “Employee Benefits” (IAS 19R) was amended. IAS 19R eliminates the corridor method for recognizing changes  (actuarial  gains and losses) in defined benefit obligations and plan assets and requires that they be recognized in other  comprehensive income when they occur . Application  of this amendment had no impact, as the Corporation has used  immediate  recognition of actuarial gains and losses in other comprehensive income since the transition to International  Financial Reporting  Standards  (IFRS).  In  fiscal 2014, the  Corporation  adopted  the  new accounting policies  described  below.  The  Corporation adopted a risk management policy, approved by the Board of Directors in December 2005, setting forth  guidelines relating to its use of derivative financial instruments. These guidelines prohibit the use of derivatives for  speculative  purposes. During fiscal 2014, the Corporation used derivative financial instruments as described in notes 2  and 30 to  the  consolidated  financial  statements.  $^{(1)}$ 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" -  29 -