IFRS 7 was amended in October 2010 to provide additional disclosure on the transfer of financial assets including the possible effects of any residual risks that the transferring entity retains. These amendments are effective as of July 1, 2011. The Company is currently evaluating the impact of these amendments to IFRS 7 on its consolidated financial statements.
IFRS 9 Financial Instruments ("IFRS 9")
IFRS 9 was issued in November 2009 and is the first step to replace current IAS 39, "Financial Instruments: Recognition and Measurement." IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS 39. The approach in IFRS 9 is based on how an entity manages its financial instruments in the context of its business model and the contractual cash flow characteristics of the financial assets. The new standard also requires a single impairment method to be used, replacing the multiple impairment methods in IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2013. The Company is currently evaluating the impact of IFRS 9 on its consolidated financial statements.
IFRS 10 Consolidated Financial Statements ("IFRS 10")
IFRS 10 establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. IFRS 10 supersedes IAS 27 "Consolidated and Separate Financial Statements" and SIC-12 "Consolidation-Special Purpose Entities" and is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.
IFRS 11 Joint Arrangements ("IFRS 11")
IFRS 11 establishes principles for financial reporting by parties to a joint arrangement. IFRS 11 supersedes current IAS 31 "Interests in Joint Ventures and SIC-13 Jointly Controlled Entities-Non-Monetary Contributions by Venturers" and is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.
IFRS 12 Disclosure of Interests in Other Entities ("IFRS 12")
IFRS 12 applies to entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity. IFRS 12 is effective for annual periods beginning on or after January 1, 2013. Earlier application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.
IFRS 13 Fair Value Measurements ("IFRS 13")
IFRS 13 defines fair value, sets out in a single IFRS framework for measuring fair value and requires disclosures about fair value measurements. The IFRS 13 applies to IFRSs that require or permit fair value measurements or disclosures about fair value measurements (and measurements, such as fair value less costs to sell, based on fair value or disclosures about those measurements), except in specified circumstances. IFRS 13 is to be applied for annual periods beginning on or after January 1, 2013. Earlier application is permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.
5. Acquired intangible assets
Cost
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Patents and Total
Exclusive Intangible
Patent Rights Software Assets
----------------------------------------------------------------------------
May 1, 2010 $114,936 $964 $115,900
Additions 4,123 104 4,227
Disposals - (283) (283)
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April 30, 2011 $119,059 $785 $119,844
Additions 66,619 29 66,648
Disposals (58) - (58)
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October 31, 2011 $185,620 $814 $186,434
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Accumulated Amortization
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Patents and Total
Exclusive Intangible
Patent Rights Software Assets
----------------------------------------------------------------------------
May 1, 2010 $34,380 $835 $35,215
Amortization 13,549 59 13,608
Disposals - (271) (271)
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April 30, 2011 $47,929 $623 $48,552
Amortization 8,308 29 8,337
Disposals (24) - (24)
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October 31, 2011 $56,213 $652 $56,865
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Net Carrying Amount
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Patents and Total
Exclusive Intangible
Patent Rights Software Assets
----------------------------------------------------------------------------
May 1, 2010 $80,556 $129 $80,685
April 30, 2011 $71,130 $162 $71,292
October 31, 2011 $129,407 $162 $129,569
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Acquisition Core Wireless
