Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.
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(Address of principal executive offices)
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Form 20-F
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x
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Form 40-F
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Yes
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No
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x
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Investor Relations: | Media Relations: |
Carlos Madrazo | Manuel Compeán |
María José Cevallos | Tel: (5255) 5728 3815 |
Tel: (5255) 5261-2445 | Fax: (5255) 5728 3632 |
Fax: (5255)5261-2494 | mcompean@televisa.com.mx |
ir@televisa.com.mx | http://www.televisa.com |
http://www.televisa.com | |
http://www.televisair.com |
Exceptions
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Accounting impact on the Company
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1. Estimates
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No inconsistencies are anticipated between the estimates made by the Company under Mexican Financial Reporting Standards (“Mexican FRS”) as of December 31, 2010, and the estimates made by the Company under IFRS as of January 1, 2011.
Therefore, it is expected that this exception will not have a significant impact on the Company’s consolidated financial position.
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2. Derecognition of financial assets and financial liabilities
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At this date, the Company has not identified any significant transactions for which this exception would be applicable.
Therefore, it is expected that this exception will not have a significant impact on the Company’s consolidated financial position.
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3. Hedge accounting
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As of January 1, 2011, all derivative financial instruments of the Company are measured at fair value. As of December 31, 2010, there are no deferred gains or losses from derivative financial instruments.
Those derivative financial instruments designated as accounting hedges as of January 1, 2011, meet the accounting hedge requirements set forth by IAS 39. Additionally, no transactions completed by the Company before January 1, 2011, will be designated as accounting hedges on a retrospective basis.
Therefore, it is expected that this exception will not have an impact on the Company’s consolidated financial position.
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4. Non-controlling interests
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As of December 31, 2010 and January 1, 2011, comprehensive income is allocated for both the controlling and non-controlling interests.
As of December 31, 2010 and January 1, 2011, no transactions have occurred that caused significant changes in the Company’s ownership of its subsidiaries, or loss of control of any subsidiary.
Therefore, it is expected that this exception will not have a significant impact on the Company’s consolidated financial position.
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5. Classification and measurement of financial assets
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In considering this exception, the Company is currently assessing the early adoption of IFRS 9, Financial Instruments, which was issued by the IASB in October 2010, with an effective date on January 1, 2013, and early adoption is permitted.
If the Company decides to early adopt the provisions of IFRS 9, the embedded derivatives exception would be considered by the Company beginning January 1, 2011.
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6. Embedded derivatives
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In considering this exception, the Company is currently assessing the early adoption of IFRS 9, Financial Instruments, which was issued by the IASB in October 2010, with an effective date of January 1, 2013, and early adoption is permitted.
If the Company decides to early adopt the provisions of IFRS 9, the embedded derivatives exception would be considered by the Company beginning January 1, 2011.
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Exemptions
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Accounting impact on the Company
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1. Business combinations
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The Company has elected not to apply IFRS 3, Business Combinations, on a retrospective basis. As a result, the carrying amounts of those business combinations made by the Company under Mexican FRS through December 31, 2010, will not be restated as of January 1, 2011.
Therefore, it is expected that this exemption will not have a significant impact on the Company’s consolidated financial position.
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2.a Share-based payment transactions
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Beginning in 2005, the Company adopted on a supplementary basis the provisions of IFRS 2, Share-based Payment, through December 31, 2008. Beginning in 2009, the Company adopted the provisions of the Mexican FRS D-8, Share-based Payments, which did not have a significant effect on the Company’s consolidated financial statements since this Mexican FRS standard substantially corresponded to IFRS 2. As of January 1, 2011, the Mexican FRS D-8 and IFRS 2 are similar. As a result, as of January 1, 2011, the Company recognized the payments related to its share based plans in accordance with the provisions of IFRS 2.
Therefore, it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.b Insurance contracts
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This exemption is not applicable to the Company.
Therefore, it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.c Deemed cost
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The Company has elected the option of maintaining the cost or depreciated cost, adjusted to reflect the changes in the general or specific price index, recognized under Mexican FRS as of December 31, 2010, as the deemed cost of its property, plant and equipment as of January 1, 2011, to the extent that such cost is similar to the fair value of these assets, with the exception of certain land and buildings, for which the Company has elected to measure them at fair value by using appraisals at that date.
Since there is not active market for the Company’s intangible assets as of January 1, 2011, these assets will be measured at their historical cost in accordance with IFRS, by eliminating any adjustment to recognize the changes in the general price index beginning on January 1, 1997.
The Company is in the process of finalizing the impact of this exemption on its consolidated financial position as of January 1, 2011.
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2.d Leases
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To this date, the Company has not identified significant arrangements that may contain an embedded lease as of January 1, 2011, in the scope of Interpretation 4 of the International Financial Reporting Interpretations Committee (“IFRIC”), Determining whether an Arrangement contains a Lease.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.e Employee benefits
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As of January 1, 2011, the Company will elect to recognize in retained earnings, the outstanding balance as of December 31, 2010 of unamortized actuarial gains and losses for all of its employee benefit plans.
The Company will also recognize in retained earnings as of January 1, 2011, the outstanding balance as of December 31, 2010 of any transition liability related to employee benefit plans. This transition liability was recognized by the Company on the first time adoption of the employee benefit liabilities under Mexican FRS.
In addition, the Company will recognize in retained earnings as of January 1, 2011, the outstanding balance as of December 31, 2010 of the legal indemnities liability recognized under Mexican FRS.
Except for the effects referred to above, it is expected that this exemption will not have a significant impact on the Company’s consolidated financial position.
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2.f Cumulative translation differences
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As of January 1, 2011, the Company will recognize the outstanding balance as of December 31, 2010 of the cumulative effect of foreign currency translation accounted for in the consolidated stockholders’ equity under Mexican FRS in retained earnings.
It is expected that this exemption will not have a significant impact on the Company’s consolidated financial position.
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2.g Investments in subsidiaries, jointly controlled entities and associates
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If the Company was required to present individual financial statements (unconsolidated) as a legal entity, will elect to recognize the investments in subsidiaries, joint ventures and associates as of January 1, 2011 at deemed cost recognized at their carrying value as of December 31, 2010, in conformity with Mexican FRS, that is, measured by using the equity method at that date.
It is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.h Assets and liabilities of subsidiaries, associates and joint ventures
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The subsidiaries of the Company, as well as the Company, will adopt IFRS for the first time on the same transition date, i.e., as of January 1, 2011.
In addition, the principal joint ventures and associates of the Company will also adopt IFRS as of January 1, 2011.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.i Compound financial instruments
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As of this date, the Company has not identified compound financial instruments within the scope of IAS 32, Financial Instruments: Presentation, which have been issued by the Company as of January 1, 2011.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.j Designation of previously recognized financial instruments
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The Company is currently assessing the possibility of early adopting of IFRS 9, Financial Instruments, as of January 1, 2011.
If the Company decides not to adopt the provisions of IFRS 9 early, it will follow IAS 39, Financial Instruments: Recognition and Measurement, as of January 1, 2011, in which case, it is expected that this exemption will not have a significant impact on the Company’s consolidated financial position.
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2.k Fair value measurement of financial assets or financial liabilities at initial recognition
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The Company is currently assessing the possibility of early adopting IFRS 9, Financial Instruments, as of January 1, 2011.
If the Company decides not to adopt the provisions of IFRS 9 early, the Company will follow the guidelines of IAS 39, Financial Instruments: Recognition and Measurement, as of January 1, 2011, in which case, it is expected that this exemption will not have a significant impact on the Company’s consolidated financial position.
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2.l Decommissioning liabilities included in the cost of property, plant and equipment
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To this date, the Company has not identified any significant property, plant and equipment, which require recognizing dismantling, removing or restoring liabilities.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.m Financial assets or intangible assets accounted for in accordance with IFRIC 12
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To this date, the Company has not identified any financial assets or intangible assets within the scope of IFRIC Interpretation 12, Service Concession Arrangements.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.n Borrowing costs
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There are no substantial differences between the Company’s current policy and the guidelines of IAS 23, Borrowing Costs, with respect to borrowing costs subject to be capitalized in qualified assets as of January 1, 2011.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.o Transfers of assets from customers
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To this date, the Company has not identified significant transactions within the scope of IFRIC Interpretation 18, Transfers of Assets from Customers, as of January 1, 2011.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.p Extinguishing financial liabilities with equity instruments
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To this date, the Company has not identified significant transactions within the scope of IFRIC Interpretation 19, Extinguishing Financial Liabilities with Equity instruments, as of January 1, 2011.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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2.q Severe hyperinflation
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The Company has used and uses the Mexican peso as its functional currency for preparing its consolidated financial statements, and has applied the guidelines of Mexican FRS for recognizing the effects of inflation in its financial information through December 21, 2007, the date on which the Company discontinued the recognition of such effects in accordance with Mexican FRS.
The Mexican economy was no longer considered hyperinflationary for IFRS purposes beginning on January 1, 1998. Therefore, the Mexican peso in not considered a currency of an hyperinflationary economy for IFRS purposes, and this IFRS 1 exemption related to the effects of a severe hyperinflation is not applicable to the Company.
Therefore, this exemption would not be applicable to the Company, and it is expected that this exemption will not have an impact on the Company’s consolidated financial position.
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Captions that will no longer be recognized
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Assets
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Restatement for the effects of inflation from 1998 through 2007 in intangible assets.
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Liabilities
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Legal indemnities liability
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Stockholders’ equity
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Restatement for the effects of inflation from 1998 through 2007 in capital stock
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Financial information
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Statements of financial position
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Statements of comprehensive income and cash flows
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First quarter 2012 (unaudited)
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As of March 31, 2012, December 31, 2011 and January 1, 2011
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For the three months ended March 31, 2012 and 2011
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Second quarter 2012 (unaudited)
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As of June 30, 2012, December 31, 2011 and January 1, 2011
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For the six and three months ended June 30, 2012 and 2011
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Third quarter 2012 (unaudited)
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As of September 30, 2012, December 31, 2011 and January 1, 2011
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For the nine and three months ended September 30, 2012 and 2011
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Fourth quarter 2012 (unaudited)
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As of December 31, 2012 and 2011, and January 1, 2011
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For the twelve and three months ended December 31, 2012 and 2011
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Year 2012 (audited)
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As of December 31, 2012 and 2011, and January 1, 2011
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For the years ended December 31, 2012 and 2011
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Phase
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Beginning date
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Ending date
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Activities
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Percentage of progress
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1
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Diagnostic
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April 2010
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May 2010
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a) Review of accounting policies
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100%
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b) Preliminary assessment of the impacts on systems, processes and operations
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100%
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c) Awareness of the Company regarding the IFRS conversion process
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100%
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2
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Definition and launching of the Project / Assessment of components and resolution of issues / Initial conversion
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2.1
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June 2010
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December 2011
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a) “Benchmarking”
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75%
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b) Preliminary assessment of the impacts on information systems, internal control, etc.
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55%
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c) Documentation of the differences between Mexican FRS and IFRS
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80%
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d) Transaction analysis
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70%
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e) Identification and assessment of the impacts in other areas
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65%
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f) Training
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75%
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g) Quantifying the impacts of IFRS
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75%
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h) Review and assessment of the impacts on financial information derived from the issuance of new and updated standards
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65%
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i) Election and definition of new accounting policies (including IFRS 1)
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70%
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j) Preparation of the statement of financial position as of January 1, 2011
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50%
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2.2
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April 2011
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March 2013
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a) Preparation of the financial statements for 2011 and 2012 (interim and annual)
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10%
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b) Preparation of the accounting policies manual under IFRS
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30%
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c) Update and analysis of differences between Mexican FRS and IFRS based on new accounting standards
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25%
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d) Quantifying adjustments for 2011
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25%
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e) Designing and implementation of procedures and controls under the IFRS
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10%
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f) Compliance assessment of SOX
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10%
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3
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2012
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2013
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Systematization of change / Procedures and controls assurance
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10%
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GRUPO TELEVISA, S.A.B.
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(Registrant)
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Dated: July 1, 2011
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By:
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/s/ Joaquín Balcárcel Santa Cruz
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Name:
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Joaquín Balcárcel Santa Cruz
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Title:
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General Counsel
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