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agreements with a single deliverable.
When objective and reliable evidence of fair value of each deliverable exists, the arrangement
consideration is divided between units of accounts based on their relative fair value. However, where
there is evidence of the fair value for services not provided, the arrangement consideration is primarily
attributed to services not provided according to their fair value and the balance is then assigned to
services provided according to the residual method.
Revenue of each unit of account or agreement with a single deliverable is recognized according to the
Company’s policies concerning revenue recognition, as stated below:
Product Sales
Revenue from product sales are recognized when persuasive evidence of an agreement exists, delivery
has occurred, price is fixed or determinable, collection of the resulting receivable is deemed probable,
and no other significant vendor obligations exist. Generally, these conditions are met when image
analysis systems are delivered.
Training Sales
Revenue from training services is recognized using the straight-line method over the duration of the
training period. Deferred revenue from service contracts is charged to earnings using the straight-line
method over the duration of the contracts.
Foreign Currency Translation
Monetary assets and liabilities are translated at the exchange rate in effect at the balance sheet date,
whereas other assets and liabilities are translated at the exchange rate in effect at the transaction date.
Revenue and expenditures in foreign currency are translated at the average rate in effect during the
year, with the exception of revenue and expenditures relating to non-monetary assets and liabilities,
which are translated at the historical rate. Gains and losses of currency translation on assets and
liabilities are included in the earnings for the year.
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Inventories
Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first-in
first-out method.
Impairment of Long-lived Assets
Capital assets are tested for recoverability whenever events or changes in circumstances indicate
that their carrying amounts may not be recoverable. The carrying amount of a long-lived asset is not
recoverable when it exceeds the sum of the undiscounted cash flows expected from its use and eventual
disposal. In such a case, an impairment loss must be recognized and is equivalent to the excess of the
carrying amount of a long-lived asset over its fair value.
Research and Development Expenses and Tax Credits
Research and development expenses are recorded as they are committed. Nevertheless, development
expenses are deferred when they are in accordance with generally recognized principles, up to the
amount which reimbursement could reasonably be considered as certain.
Tax credits are applied against the related costs in the year during which they incurred, provided that
the Company is reasonably certain that the credits will be received. The investment tax credits must be
examined and approved by the tax authorities and it is possible that the amounts granted will differ from
the amounts recorded.
Stock-based Compensation Plan
The Company recognizes issued options using the fair value method. Compensation cost should be
measured at the grant date and should be recognized over the applicable stock option vesting period.
Any consideration received when options are exercised or stock purchased is recorded to share capital
as well as the related compensation cost recorded as contributed surplus.
The Company uses the Black-Scholes options valuation mode in order to calculate the fair value
of stock-based compensation. The important assumptions taken into account in the model are the
expected duration of the options and the expected stock price volatility. The expected duration and
volatility of these stocks were determined using recent historical data, which were adjusted to reflect
management’s most probable estimates as to the future duration and volatility of stocks in circulation as
of April 30, 2009. The fair value of stocks is amortized linearly according to acquisition-rights delays.
Earnings per Share
Basic earnings per common share are computed by dividing the net earnings available to common
shareholders by the weighted average number of common shares outstanding during the period. Diluted
net earnings per share are calculated giving effect to the potential dilution that could occur if securities
and other contracts to issue common shares were exercised or converted to such shares at the later of
the beginning of the periods or the issuance date. The “if-converted” method is used to determine the
　
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