notes to consolidated financial statements

6 Months Ended

Jun. 30, 2023

notes to consolidated financial statements

notes to consolidated financial statements

JUNE 30, 2023

TELUS Corporation is one of Canada’s largest telecommunications companies, providing a wide range of technology solutions, which include mobile and fixed voice and data telecommunications services and products, healthcare services, software and technology solutions (including employee and family assistance programs and benefits administration), agriculture and consumer goods services (software, data management and data analytics-driven smart-food chain and consumer goods technologies), and digitally-led customer experiences. Data services include: internet protocol; television; hosting, managed information technology and cloud-based services; and home and business security.

TELUS Corporation was incorporated under the Company Act (British Columbia) on October 26, 1998, under the name BCT.TELUS Communications Inc. (BCT). On January 31, 1999, pursuant to a court-approved plan of arrangement under the Canada Business Corporations Act among BCT, BC TELECOM Inc. and the former Alberta-based TELUS Corporation (TC), BCT acquired all of the shares of BC TELECOM Inc. and TC in exchange for Common Shares and Non-Voting Shares of BCT, and BC TELECOM Inc. was dissolved. On May 3, 2000, BCT changed its name to TELUS Corporation and in February 2005, TELUS Corporation transitioned under the Business Corporations Act (British Columbia), successor to the Company Act (British Columbia). TELUS Corporation maintains its registered office at Floor 7, 510 West Georgia Street, Vancouver, British Columbia, V6B 0M3.

The terms “TELUS”, “we”, “us”, “our” or “ourselves” refer to TELUS Corporation and, where the context of the narrative permits or requires, its subsidiaries. Our principal subsidiaries are: TELUS Communications Inc., in which, as at June 30, 2023, we have a 100% equity interest; and TELUS International (Cda) Inc., in which, as at June 30, 2023, we have a 56.1% equity interest, as discussed further in Note 28(c), and which completed its initial public offering in February 2021. Although it has not had any effect on our current determination of which are our principal subsidiaries, we also made a material business acquisition during the six-month period ended June 30, 2023, as set out in Note 18(b).

Notes to consolidated financial statements		Page
General application
1.	Condensed interim consolidated financial statements	7
2.	Accounting policy developments	8
3.	Capital structure financial policies	9
4.	Financial instruments	13
Consolidated results of operations focused
5.	Segment information	22
6.	Revenue from contracts with customers	25
7.	Other income	26
8.	Employee benefits expense	27
9.	Financing costs	27
10.	Income taxes	28
11.	Other comprehensive income	29
12.	Per share amounts	30
13.	Dividends per share	30
14.	Share-based compensation	31
15.	Employee future benefits	34
16.	Restructuring and other costs	36
Consolidated financial position focused
17.	Property, plant and equipment	37
18.	Intangible assets and goodwill	37
19.	Leases	40
20.	Other long-term assets	41
21.	Real estate joint ventures and investments in associates	42
22.	Short-term borrowings	44
23.	Accounts payable and accrued liabilities	45
24.	Advance billings and customer deposits	45
25.	Provisions	46
26.	Long-term debt	47
27.	Other long-term liabilities	52
28.	Owners’ equity	52
29.	Contingent liabilities	54
Other
30.	Related party transactions	56
31.	Additional statement of cash flow information	58