Page 42 - 2008_2009_Annual_Report

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
Year ended March 31, 2009
040
2. Significant Accounting Policies
These financial statements have been prepared in accordance with Canadian generally accepted accounting principles
(“GAAP”). The following is a summary of significant accounting policies:
Inventory
Inventory is recorded at the lower of cost and net realizable value. The cost of inventory is determined using the most
recent cost.
Foreign currency
Monetary assets and liabilities denominated in foreign currencies are translated at the year-end exchange rates.
Revenues and expenses are translated at rates of exchange prevailing on the transaction dates. Translation gains
and losses on foreign currency denominated monetary items are taken into income in the current year.
Capital assets
Capital assets are recorded on the balance sheet at cost. Amortization is recorded in the accounts on a straight-line
basis commencing in the month the asset is put in use, at rates expected to amortize the cost of the assets over their
estimated useful lives as follows:
Asset
Rate
Leasehold improvements
lesser of the useful life of the asset and term of the lease
Casino development
term of the lease
Office furniture and equipment
5 years
Security equipment
5 years
Signage and interior design
5 years
Gaming tables and equipment
5 years
Restaurant equipment
5 years
Coin handling equipment
5 years
Automobiles
4 years
Computer equipment
5 years
Artwork
5 years
Computer software
1 year
Casino pre-operating costs
5 years
Slot and table revenues
Slot and table revenues represent the net win from those gaming activities calculated as the difference between
amounts wagered and prizes paid by the casino. Slot and table revenues are net of accruals for anticipated payouts
of progressive jackpots.
Commitment of net proceeds of table operations
Liabilities are recorded when amounts to be distributed are approved by the Board of Directors.