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Financial assets and financial liabilities will be recognized on the balance sheet when UFA becomes party to the contractual provisions of the financial instrument. UFA classifies financial assets and liabilities according to their characteristics and management’s choices and intentions related thereto for the purposes of ongoing measurement. All financial instruments are measured at fair value upon initial recognition. Subsequent measurement is at amortized cost, with the exception of cash and cash equivalents which are held at fair value. Use of Estimates The preparation of the consolidated financial statements in conformity with Canadian accounting standards for private enterprises requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates are based on management’s best knowledge of current events and actions that UFA may undertake in the future. Management believes that the estimates are reasonable; however, actual results could differ from those estimates. Estimates are used when accounting for such items as inventory provisions, depreciation, pension obligation, income and other taxes, asset retirement obligations and testing goodwill and long-lived assets for impairment. Information presented and estimates used in the financial statements do not reflect anticipated resolutions to uncertainties by management. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 11 UFA 2011 Unabridged Annual Report 38
3. Impact of the Change in the Basis of Accounting The financial statements for the period ended December 25, 2011 are the first set of statements for which the entity has applied the Canadian accounting standards for private enterprises. Certain elections available to entities adopting ASPE were adopted, in accordance with the provisions set out in First-time Adoption, Section 1500 of Part II of the CICA Handbook. The impact of adopting these standards and the elections that were exercised were adjusted in retained earnings as at the transition date of December 28, 2009. (Stated in thousands of Canadian dollars) Balance Sheet as at December 27, 2009 based on previous financial statements Changes in Retained Earnings Balance Sheet as at December 28, 2009 based on ASPE Assets Current Assets Accounts receivable $ 143,739 $ – $ 143,739 Inventories 258,023 – 258,023 Prepaid expenses and deposits 6,002 – 6,002 Future income taxes 232 – 232 407,996 – 407,996 Property held for resale 379 – 379 Investments 1,223 – 1,223 Other long-term assets 1,008 – 1,008 Goodwill and intangible assets 101,143 – 101,143 Property and equipment (note 3a) 263,711 19,334 283,045 $ 775,460 $ 19,334 $ 794,794 Liabilities and Members’ Equity Current Liabilities Bank indebtedness $ 2,625 $ – $ 2,625 Accounts payable and accrued liabilities 148,934 – 148,934 Deferred revenue 15,318 – 15,318 Member loans 17,251 – 17,251 Current portion of long-term debt 1,685 – 1,685 185,813 – 185,813 Long-term debt 151,650 – 151,650 Asset retirement obligations 26,207 – 26,207 Future income tax liability (note 3c) 1,300 922 2,222 Long-term liabilities (note 3b) 21,222 5,982 27,204 386,192 6,904 393,096 Members’ Equity Member entitlements 214,386 – 214,386 Retained earnings 189,566 12,430 201,996 Cumulative translation adjustment (14,684) – (14,684) 389,268 12,430 401,698 $ 775,460 $ 19,334 $ 794,794 12 NOTES TO CONSOLODIATED FINANCIAL STATEMENTS UFA 2011 Unabridged Annual Report 39
Page 1 and 2: 2011 Annual Report UFA Announces Tu
Page 3 and 4: United Farmers of Alberta Co-operat
Page 9 and 10: In April, we successfully transitio
Page 11 and 12: In 2011 our Health & Safety perform
Page 17 and 18: The Commercial Construction Divisio
Page 21 and 22: Capital lease obligations at Decemb
Page 27 and 28: Environmental Health and Safety (EH
Page 37: Income Taxes UFA follows the liabil
Page 41 and 42: 4. Cash and Cash Equivalents (Bank
Page 43 and 44: Cost 2010 Accumulated Depreciation,
Page 45 and 46: Asset-Based Credit Agreement UFA en
Page 47 and 48: 15. Commitments, Contingencies and
Page 49 and 50: 17. Financial Instruments UFA’s r
Page 51 and 52: 19. Joint Venture The consolidated
Page 53 and 54: Board of Directors 2011 Debbie Adol
Page 55: Contact information UFA 2011 Unabri

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