SIGA_Annual_Report_2015 - page 66

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED MARCH 31, 2015
66
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, 2015 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 9,
Financial Instruments
. IFRS 9 has a significant impact on financial liabilities designated under the fair value option. .
In addition, IFRS 9 retains virtually all of the classification and measurement guidance in IAS 39,
Financial Instruments: .
Recognition and Measurement
. IFRS 9 is effective for annual periods beginning on or after January 1, 2018.
IFRS 15,
Revenue from contracts with customers
. IFRS 15 will require revenue recognition to depict the transfer of goods or services
to customers in amounts that reflect the consideration to which the company expects to be entitled in exchange for those goods or
services. IFRS 15 is effective for annual period beginning on or after January 1, 2017.
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 totaling $46,282,500 .
(2014 – $5,282,500). Individual interest rates range from 0.75% and 1.45% and will mature between April 28, 2015 and .
October 3, 2015.
5. ACCOUNTS RECEIVABLE
March 31, 2015 March 31, 2014
Trade accounts receivable
$ 1,499,651
$ 1,525,893
GST input tax credits receivable
257,672
383,236
Advances to suppliers, contractors and employees
382,802
491,122
$ 2,140,125
$ 2,400,251
SIGA’s exposure to credit and currency risks, and impairment losses related to trade and other receivables, is disclosed in Note 20.
6. INVENTORIES
Inventories totalling $6,965,920 were recognized as food and beverage cost of goods sold for the year ended March 31, 2015 .
(2014 – $6,780,983). No write-downs of inventories were noted for the year ended March 31, 2015 (2014 – $nil), and there were .
no reversals of write-downs from previous years.
1...,56,57,58,59,60,61,62,63,64,65 67,68,69,70,71,72,73,74,75,76,...92
Powered by FlippingBook