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Company will implement it beginning on May 1, 2009. Management is not able to assess the impact that these new recommendations will have on its
consolidated financial statements.
34
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
3. ACCOUNTING POLICIES
Principles of consolidation
Accounting estimates
Revenue recognition
The Company sells products and training services under multiple deliverable arrangements. Such agreements are divided into separate units of
accounts when the items have value to customers on a stand-alone basis and objective and reliable evidence of fair value of undelivered items
exists. When agreements cannot be divided into more than one distinct unit of account, agreements are regarded as 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
The Consolidated Financial Statements include the accounts of "CLEMEX TECHNOLOGIES INC." and its wholly-owned subsidiary, "CLEMEX
CORP.", based in the United States.
The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make
estimates and assumptions that affect the amounts recorded in the consolidated financial statements and notes to consolidated financial statements.
These estimates are based on management's best knowledge of current events and actions that the Company may undertake in the future. The
most significant estimates are the evaluation of accounts receivable, inventories, amortization of capital assets, income taxes and accounts payable.
Actual results may differ from these estimates.
Cash and cash equivalents
Foreign currency translation
The policy of the Company is to disclose bank balances under cash and cash equivalents, including bank overdrafts with balances that fluctuate
frequently from being positive to overdrawn and temporary investments with a maturity of three months or less from the date of acquisition. Term
deposits that the Company cannot use for current transactions because they are pledged as security are also excluded from cash and cash
equivalents.
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
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.
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.
The accounts of the Company's integrated subsidiary and balances in foreign currency are translated according to the temporal method. Under this
method, monetary assets and liabilities in foreign currencies are translated at the exchange rate in effect at the balance sheet date, whereas other
assets and liabilities are translated according to the rate in effect at the transaction date. Revenues and expenses in foreign currencies are
translated according to the average rate in effect during the year, with the exception of revenues and expenses related to non-monetary assets and
liabilities translated at the historical rate. Foreign exchange gains or losses on financial assets and liabilities are accounted for in the income
statement.
Revenues 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.
35
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
3. ACCOUNTING POLICIES (Continued)
Inventory valuation
Capital assets
Equipment 3 to 10 years
Moving laboratory & machining equipment 10 years
Research & Development equipment 7 years
Computer equipment 6 years
Furniture and fixtures 10 years
Leasehold improvements Lease term, 5 years
Impairment of long-lived assets
The Company revised its accounting policy during the year, changing from the declining balance to the straight-line method. It applied this change
on a retroactive basis and restated its prior period figures. This change had no significant impact on its financial statements. In addition, the
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