Financial Information
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(O) Future Accounting Pronouncements
(i) International Financial Reporting Standards (IFRS): – In 2006, Canada’s Accounting Standards Board adopted a strategy of converging Canadian generally accepted accounting principles for publicly accountable enterprises with International Financial Reporting Standards (IFRS). The Company will be required to report using these converged standards for interim and annual financial statements for fiscal years commencing on or after January 1, 2011. The Company is currently in the process of evaluating the impacts of this convergence on the consolidated financial statements.
(ii) Goodwill and Intangible Assets: In February 2008, the CICA issued Section 3064, “Goodwill and Intangible Assets”. The new Section establishes standards for the recognition, measurement, presentation and disclosure of goodwill subsequent to its initial recognition and of intangible assets by profit-oriented enterprises. Standards concerning goodwill are unchanged from the standards included in the previous Section 3062. The new Section will be applicable to interim and annual financial statements relating to fiscal years beginning on or after October 1, 2008 The Company is currently evaluating the impact of these new Sections on its consolidated financial statements.
(iii)General Standards on Financial Statement Presentation:In June 2007, the CICA Handbook Section 1400, “General Standards on Financial Statement Presentation”, has been amended to include requirements to assess and disclose an entity’s ability to continue as a going concern. The changes are effective for interim and annual financial statements beginning on or after January 1, 2008. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.
(iv)Inventory:In June 2007, the CICA issued Section 3031, “Inventories” resulting from the convergence with IFRS, which requires inventory to be measured at lower of cost and net realizable value. The standard also provides guidance on the costs that can be capitalized. In addition, previous inventory write-downs are now allowed to be reversed if the economic circumstances have changed to support an increased inventory value. The standard is effective for our annual and interim periods beginning on or after January 1, 2008. The Company is currently evaluating the impact of this standard, but does not anticipate any impact on the Company.
3. DEFERRED CHARGES
| 2008 $ |
2007 $ |
|
| Deferred development costs | 95,915 | $ |
| Less: Accumulated amortization | 93,185 | $3,173,978 |
| Net Book Value | 2,730 | 11,187 |
4. PROPERTY, PLANT AND EQUIPMENT
| 2008 | 2007 | |||
| Cost $ | Accumulated Amortization $ | Cost $ | Accumulated Amortization $ | |
| Land | 600,000 | - | 600,000 | - |
| Building | 2,262,296 | 276,511 | 2,208,069 | 164,752 |
| Rental equipment | 22,027,645 | 8,291,238 | 19,494,802 | 7,023,290 |
| Computer equipment | 853,713 | 585,816 | 652,714 | 514,074 |
| Computer software | 373,772 | 267,078 | 335,075 | 229,644 |
| Furniture and fixtures | 384,751 | 263,162 | 375,358 | 233,938 |
| Vehicles | 30,809 | 4,621 | - | - |
| Moulding equipment | 57,386 | 57,386 | 57,386 | 56,888 |
| 26,590,372 | 9,745,812 | 23,723,404 | 8,222,586 | |
| Net Book Value | 16,844,560 | 15,500,818 | ||
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Testimonials
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We are very impressed with your service. Keep up the great work!
-Jennifer T. & Jon K. -
Very happy from first call to install. The people in the call department very helpful. New installer very good. Nothing but impressed.
-Bill, AB -
AlarmForce is the best choice. They make sure you get the best system that not only works with your budget..and does NOT try to sell you anything you will not need or is no use for your home/garage...I have been fortunate enough not to have any one try to break into my home since I got the system..couldn't say that before...they make me feel more secure because they are very caring and no matter where I am in my travels I know I can count on them to protect my sons and my home..I always worried about my sons and my house when I was away..Not now.. Knowing that even when my sons sleep they are as I say "being watched over by the Angels at AlarmForce" My experience with AlarmForce has always been pleasant and reassuring..They answer all and every question I have..They are always willing to help with testing my equipment.. Letting me know what needs to be replaced if anything(batteries etc)..When I go away they ALWAYS ask details of my departure and arrival back home..who to contact if there is an emergency..t hey never question me why I want the police called and not one of their own security...Full of information and always so caring! My best experience was when I was so unhappy with my other alarm company the staff at AlarmForce made it so easy for me to say YES to using AlarmForce and leaving the 'other" company… that was over 3 years ago!! Thank You for making it so easy! It is a Perfect Fit in Security for My Family! I am always recommending folks to AlarmForce..I simply tell them there is no price you can put on your families safety...with AlarmForce it is cost efficient..You wouldn't get the care their team provides any where else..most of all The Peace of Mind You have knowing not only your house but your family is being taken care of at all times!! They make life simple for you and your family.. Thank You AlarmForce for treating my Family like it is your own, you are keeping safe at all times!
-Kelli P - Edmonton, AB -
Alarm force is great. As a single unmarried female, living alone can be scary. Alarm force makes me feel safe because it works. It's also affordable on a one-income budget. I highly recommend it to anyone considering an alarm system.
-J - Columbus, OH -
The Central Station reps are the best ever - 110%. They saved my house. The fireplace door somehow came loose and open and an ember was smouldering on some newspapers. Had I not had this system my house would have had some damage so it’s reassuring to know you are there watching my back
-Denise, AB -
I am contacting you on behalf of my mother. We have been very happy with this service and I would highly recommend it to anyone requiring the peace of mind it provides to seniors such as my mother that want to remain in their home and independent or to the children and caregivers of elderly parents who just want to know that help is always at hand in an emergency. Unfortunately my mother needed to use the help button a little too much and she has realized that she needs more help with daily life and has moved to a retirement community. Many thanks
-Mark, ON -
First time in my life I feel safer!
-Joe, NC -
We have had your service for more than 15 years and are more than pleased. Your service technicians in the Barrie area have been great.
-G & M, ON
