IFRS 9 - Financial Instruments
On November 12, 2009, the IASB issued a new standard, IFRS 9, Financial Instruments ("IFRS 9"), which will ultimately replace IAS 39, Financial Instruments: Recognition and Measurement ("IAS 39"). The replacement of IAS 39 is a multi-phase project with the objective of improving and simplifying the reporting for financial instruments and the issuance of IFRS 9 is a part of the first phase. This standard originally was to become effective on January 1, 2013 but the mandatory effective date has been amended to January 1, 2015 and must be applied retrospectively.
IFRS 13 - Fair Value Measurement
The IASB has issued a new standard, IFRS 13, Fair Value Measurement, which is a comprehensive standard for the fair value measurement and disclosure requirements for use across all IFRS standards. The new standard is effective for annual periods beginning on or after January 1, 2013 and clarifies that fair value is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. It also establishes disclosures about fair value measurement. Under existing IFRS, guidance on measuring and disclosing fair value is dispersed among the specific standards requiring fair value measurements.
The extent of the impact of adoption of the above noted standards and interpretations on the unaudited interim financial statements of the Company have not yet been determined.
A number of other standards have been adopted by the IASB but currently have no impact on the Company.
3. Cash and cash equivalents:
The components of cash and cash equivalents are as follows:
December 29, December 24, June 30, 2012 2011 2012 ---------------------------------------------------Cash $ 30,849 $ 3,333 $ 34,332Bankers acceptances - 28,470 - ---------------------------------------------------Cash and cash equivalents $ 30,849 $ 31,803 $ 34,332 --------------------------------------------------- ---------------------------------------------------
4. Inventories:
December 29, December 24, June 30, 2012 2011 2012 ---------------------------------------------------Raw materials $ 2,887 $ 1,817 $ 2,644Work-in-process 233 175 183Finished goods 28,941 34,797 22,064 --------------------------------------------------- $ 32,061 $ 36,789 $ 24,891 --------------------------------------------------- --------------------------------------------------- 13 Weeks Ended 26 Weeks Ended -------------------------------------------------- December December December December 29, 2012 24, 2011 29, 2012 24, 2011 ----------------------------------------------------Cost of inventory recognized as an expense $ 29,935 $ 26,070 $ 41,347 $ 36,352Write-downs of inventory due to net realizable value being lower than cost $ 290 $ 443 $ 430 $ 588Write-downs recognized in previous periods that were reversed - - $ 27 $ 3
