Page 50 - SIGA Annual Report 2014

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NOTES TO
THE FINANCIAL
STATEMENTS
YEAR ENDED
MARCH 31, 2014
50
3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Future Accounting Changes
A number of new standards, and amendments to standards and interpretations, are not yet effective for the year ended
March 31, 2014, and have not been applied in preparing these financial statements. None of these new standards are expected
to have a significant effect on the financial statements of SIGA, but the following future standards are relevant to SIGA:
IFRS 1, First-Time Adoption of International Financial Reporting Standards, will be amended concurrently with the adoption
of IFRS 9. This standard is expected to exempt the requirement to restate comparative information for IFRS 9.
IFRS 9, Financial Instruments, will be effective for SIGA’s 2018 financial statements and is expected to impact the classification,
measurement, impairment and disclosure of financial assets.
IAS 32, Financial Instruments: Presentation, has certain amendments to offsetting financial assets and financial liabilities,
and will be effective for SIGA’s 2015 financial statements.
Amendments to IAS 36, Impairment of Assets, will be effective for SIGA’s 2015 financial statements.
Amendments to IAS 39, Financial Instruments: Recognition and Measurement, will be effective for SIGA’s 2015 financial
statements.
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.
4. SHORT-TERM INVESTMENTS
Short-term investments consist of investments in guaranteed investment certificates and term deposits. The $30,000 term
deposit earns interest at an annual rate of 1.05% and matures on July 5, 2014. The $52,500 guaranteed investment certificate
earns interest at an annual rate of 0.75% and matures on October 3, 2014. The $200,000 guaranteed investment certificate earns
interest at an annual rate of 0.90% and matures on March 26, 2015. The $5,000,000 term deposit earns interest at an annual rate
of 1.45% and matures on July 21, 2014.
5. ACCOUNTS RECEIVABLE
March 31, 2014
March 31, 2013
Trade accounts receivable
$ 1,525,893
$ 4,307,031
GST input tax credits receivable
383,236
326,466
Advances to suppliers, contractors and employees
491,122
310,897
$ 2,400,251
$ 4,944,394
SIGA’s exposure to credit and currency risks, and impairment losses related to trade and other receivables, is disclosed in Note 20.