曝光台 注意防骗
网曝天猫店富美金盛家居专营店坑蒙拐骗欺诈消费者
Company changed its amortization period for its equipment, research and development equipment, computer hardware and office furniture from
rates of 30%, 30%, 30% and 50%, and 20% respectively to periods of 3 to 10 years, 7 years, 6 years and 10 years respectively to better reflect the
estimated useful lives of these assets. The Company adopted this change on a prospective basis. This change had no significant impact on the
financial statements.
Inventories are valued at the lower of cost and net realizable value. Cost is determined by the first-in first-out method.
Rates and period
Capital assets are depreciated over their estimated useful lives using the straight-line method and the following periods:
Research and Development Costs and Tax Credits
Thereafter, financial assets and liabilities are measured and recorded as follows:
-Cash is classified as a financial asset held for trading. These financial assets are measured at fair value with changes in fair value recorded in
earnings
-Term deposits are classified as held for trading. The Company estimates that the financial information generated by this method is pertinent
to decision making and helps better evaluate the Company's performance. They are measured using the fair value and all variations are
recorded in earnings.
- Accounts receivable (excluding commodity taxes) are classified as loans and receivables. They are recorded at cost which, upon initial
recognition, is equivalent to fair value. Subsequent measurements are recorded at amortized cost, which is generally equivalent to the amount
initially recognized less any allowance for doubtful accounts;
Financial Assets and Liabilities
On initial recognition, all financial assets and liabilities are measured and recorded at fair value. Transaction costs are recognized in earnings.
During the year, an amount of $5,000 was attributed to earnings in connection with commissions paid as part of the issuance of the debenture
(note 13)
Investment 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.
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 longlived
asset over its fair value.
Research and development costs are recorded as they are incurred. Nevertheless, development expenses are deferred when they are in
accordance with generally recognized principles, up to the amount for which reimbursement could reasonably be considered as certain.
-The bank overdraft, bank debt, demand loan, accounts payable, long-term debt, and liability component of the convertible debenture are
classified as other financial liabilities. They are initially measured at fair value. Subsequent valuations are recorded at amortized cost using the
effective interest rate method.
36
CLEMEX TECHNOLOGIES INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
APRIL 30, 2009 AND 2008
3. ACCOUNTING POLICIES (Continued)
Income taxes
Stock-based compensation plan
Earnings per share
4. INFORMATION INCLUDED IN CONSOLIDATED CASH FLOWS
The Company uses the liability method of accounting for income taxes. Under this method, future income tax assets and liabilities are recognized for
the future tax consequences attributable to differences between the consolidated financial statements' carrying values and their respective tax
bases. Future tax assets and liabilities are measured using enacted or substantively enacted tax rates in effect for the year in which those temporary
differences are expected to be recovered or settled.
Basic earnings per common share are computed by dividing the net earnings available to Class A shareholders by the weighted average number of
Class A 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 dilutive effect of the convertible debenture. The treasury stock method is used to
determine the dilutive effect of stock options.
The Company recognizes issued options using the fair value method. Compensation cost should be measured at the grant date and should be
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