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performance and the nature and extent of risks arising from financial instruments to which the Company
is exposed and how the Company manages those risks. Section 3863, «Financial Instruments -
Presentation», establishes standards for presentation of financial instruments and non-financial
derivatives.
These sections complements the principles of recognition, measurement and presentation of financial
instruments of Section 3855, «Financial Instruments - Recognition and Measurement», adopted on
May 1st, 2007.
The adoption of these sections resulted in the Company presenting additional disclosure regarding risk
management arising from financial instruments and a sensitivity analysis regarding interest rate risk.
Comparative information about the nature and extent of risks arising from financial instruments is not
required in the year those sections are adopted.
Inventories
On May 1, 2008, in accordance with the applicable transitional provisions, the Company adopted the
new recommendations of the CICA Handbook included in Section 3031, «Inventories», which replaces
Section 3030 bearing the same name. This section provides new guidance on the determination of cost
and its subsequent recognition as an expense, including any write-downs to the net realizable value as
well as on the cost formulas that are used to assign costs to inventories.
This new standard had no impact on the Company’s financial statements.
Capital Disclosures
On May 1, 2008, in accordance with applicable transitional provisions, the Company adopted the new
recommendations fo the CICA Handbook included in Section 1535 «Capital Disclosures». This section
establishes standards for disclosing information about an entity’s capital and how it is managed to enable
users of financials statements to evaluate the objectives, policies and procedures of the Company for
managing capital. The adoption of the section implied that information is now included in the notes to
the consolidated financial statements (note 21).
Ability to Continue as a Going Concern
On May 1, 2008, in accordance with applicable transitional provisions, the Company adopted the new
recommendations contained in Section 1400 «General Standards of Financial Statements Presentation»,
which require that Management assess the Company’s ability to continue as a going concern over a
minimum period of, but not limited to, 12 months starting from the closing date. These new requirements
only apply to disclosure and will have no impact on the financial results of the Company.
23
Credit Risk and the Fair Value of Financial Assets and Financial Liabilities
In January 2009, the CICA’s Emerging Issues Committee (EIC) approved EIC-173 entitled «Credit Risk
and the Fair Value of Financial Assets and Financial Liabilities which clarifies whether an entity’s own
credit risk and the credit risk of the counterparty should be taken into account in determining the fair
value of financial assets and financial liabilities, including derivative instruments. EIC-173 should be
applied retrospectively without restatement of prior periods’ financial statements, to all financial assets
and liabilities measured at fair value in interim and annual financial statements for periods ending on or
after January 20, 2009. The Company’s adoption of the accounting treatment provisions of EIC-173 in
determining the fair value of financial instruments as of April 30, 2009, had no impact on the Company’s
financial statements.
+ FUTURE ACCOUNTING STANDARDS
On April 30, 2009, certain accounting standards were issued but not yet in force and have not yet been
adopted by the Company. The new standards that could affect the financial statements are as follows:
Goodwill and Intangible Assets
In February 2008, the CICA issued Handbook Section 3064, “Goodwill and Intangible Assets” in
replacement of Section 3062 «Goodwill and Other Tangible Assets». This new Section has permitted
the withdrawal of Section 3450, «Research & Development» and guidelines of the Emerging Issues
Committee Abstract of Issue Discussed EIC-27, «Revenues and Expenditures During the Pre-operating
Period» and amendments to Section 1000, «Financial Statement Concepts», clarify the criteria for
recognition of assets. This new section establishes standards for the recognition, measurement,
presentation and disclosure of goodwill and intangible assets for profit organizations. It clarifies guidelines
for the accounting methods used for intangible assets produced internally. This section is effective for
fiscal years beginning on or after October 1, 2008, and the Company will apply it May 1, 2009. The
　
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