Page 44 - 2012_Annual Report

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Saskatchewan Indian Gaming Authority Inc.
Notes to the Financial Statements
year ended March 31, 2012
42
2.
BASIS OF PRESENTATION
STATEMENT OF COMPLIANCE
These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”). SIGA’s
financial statements were previously prepared in accordance with Canadian Generally Accepted Accounting Principles (“CGAAP”).
As these financial statements represent SIGA’s initial presentation of its earnings, financial position and cash flows under IFRS,
they were prepared in accordance with IFRS 1, First-time Adoption of IFRS (“IFRS 1”).
An explanation of how the transition to IFRS has affected the reported financial position, financial performance and cash flows
of SIGA is provided in Note 24.
The financial statements were authorized for issue by the Board of Directors on June 5, 2012.
BASIS OF MEASUREMENT
These financial statements are presented in Canadian dollars, which is SIGA’s presentation currency. SIGA has prepared these
financial statements using the historical cost basis except for financial instruments which are classified as fair value through profit
and loss, which are measured at fair value.
USE OF ESTIMATES AND JUDGMENTS
The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, revenue and expenses.
Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized
in the year in which the estimates are revised and in any future years affected.
Significant areas requiring the use of management estimates and judgments are further described in the following summary
of significant accounting policies and related notes:
Useful lives and depreciation and amortization of property and equipment and intangible assets (Notes 3, 7 and 8)
Customer loyalty program (Note 3)
NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
A number of new standards, and amendments to standards and interpretations, are not yet effective for the year ended
March 31, 2012, and have not been applied in preparing these financial statements. In particular, the following new and
amended standards which become effective for annual periods beginning on or after April 1, 2012:
IFRS 9, Financial Instruments. IFRS 9 (2010) expands on IFRS 9 as issued in 2009. The 2010 version has a significant
impact on financial liabilities designated under the fair value option. In addition, IFRS 9 (2010) retains virtually all of the
classification and measurement guidance in IAS 39, Financial Instruments: Recognition and Measurement. IFRS 9 (2010)
is effective for annual periods beginning on or after January 1, 2015.
IFRS 13, Fair Value Measurement. IFRS 13 defines fair value, establishes a framework for measuring fair value and sets
out disclosure requirements for fair value measurement. IFRS 13 is effective for annual periods beginning on or after
January 1, 2013.
IAS 19, Employee Benefits. IAS 19 prescribes the accounting and disclosure for all employee benefits. IAS 19 is effective
for annual periods beginning on or after January 1, 2013.
SIGA does not have any plans to early adopt any of the new or amended standards. The extent of the impact on adoption of these
standards is not known at this time, however is not expected to be material.