Page 49 - SIGA_2010-11 Annual Report

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
Year Ended March 31, 2011
47
2. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FUTURE ACCOUNTING CHANGES
In February 2008, the Canadian Accounting Standards Board confirmed that publicly accountable enterprises are required to adopt
International Financial Reporting Standards (“IFRS”s) in place of GAAP for interim and annual reporting in the fiscal year beginning
on or after January 1, 2011, including comparative figures for the prior year. Accordingly, SIGA will convert to IFRS effective
April 1, 2011 and intends to issue a complete set of financial statements under IFRS for the year ended March 31, 2012. SIGA
is currently working on its conversion plan and is in the process of identifying and analyzing the impacts of differences between
Canadian GAAP and IFRS relevant to SIGA, and any required changes to the system and business processes. SIGA continues to
monitor and assess the impact of the conversion of Canadian GAAP to IFRS.
3. INVENTORY
Inventory totalling $6,172,045 was recognized as cost of sales for the year ended March 31, 2011 (2010 – $6,711,570). No
write-downs of inventories were noted for the year ended March 31, 2011 (2010 – $nil), and there were no reversals of write-downs
from previous years.
4. UNCOMMITTED NET PROCEEDS OF TABLE OPERATIONS
The Casino Operating Agreement provides for SIGA to use any net income from the operation of licensed table games for charitable
or religious objects or purposes. Distributions of funds were made during the year as follows:
2011
2010
Balance, beginning of year
$
$
Net loss from table operations (Note 15)
(4,248,236)
(3,755,229)
(4,248,236)
(3,755,229)
Net loss from table operations allocated to slot operations
4,248,236
3,755,229
Amounts disbursed
Balance, end of year
$
$
5. PENSION PLAN
Effective April 1, 1997, SIGA established a pension plan for employees. The plan is a defined contribution plan administered by
Great West Life. Substantially all of SIGA’s full-time employees participate in the plan. SIGA’s financial obligation is limited to
matching the required amounts contributed by employees, 6% of salary, which totalled $3,705,265.
6. ACCOUNTS RECEIVABLE
2011
2010
Accounts receivable
$ 1,307,746
$ 1,958,785
GST input tax credits receivable
299,599
51,607
Advances to suppliers, contractors and employees
318,964
94,743
$ 1,926,309
$ 2,105,135