Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Note 3 - Significant Accounting Policies

v3.10.0.1
Note 3 - Significant Accounting Policies
6 Months Ended
Jun. 30, 2018
Statement Line Items [Line Items]  
Disclosure of significant accounting policies [text block]
3.
Significant accounting policies
 
The accompanying unaudited condensed consolidated interim financial statements follow the same accounting policies and methods of application as the audited consolidated financial statements of the Company for the year ended
December 31, 2017,
except as noted below.
 
a)
Policies adopted in the period
 
IFRS
9,
Financial Instruments
("IFRS
9"
):
IFRS
9
(
2014
) introduces new requirements for the classification and measurement of financial assets. Under IFRS
9
(
2014
), financial assets are classified and measured based on the business model in which they are held and the characteristics of their contractual cash flows. The standard introduces additional changes relating to financial liabilities and also amends the impairment model by introducing a new ‘expected credit loss’ model for calculating impairment. IFRS
9
(
2014
) also includes a new general hedge accounting standard which aligns hedge accounting more closely with risk management. The adoption of this policy did
not
have a material impact on the financial results as its financial assets are primarily cash and cash equivalents and highly liquid investments, and the Company does
not
enter into any hedging activities.
 
b)
Recent accounting pronouncements
not
yet adopted:
 
IFRS
16,
Leases
(“IFRS
16”
)
On
January 13, 2016,
the IASB issued IFRS
16
Leases
. The new standard is effective for annual periods beginning on or after
January 1, 2019.
IFRS
16
will replace IAS
17
Leases. This standard introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than
12
months, unless the underlying asset is of low value. The extent of the impact of adoption of the standard has
not
yet been determined.