Consolidated Financial Statements - Acer Group

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20ACER INCORPORATED AND SUBSIDIARIESNotes to Consolidated Financial Statements (continued)3. Accounting ChangesEffective January 1, 2011, the Consolidated Companies adopted the third revision of SFAS No. 34“Financial Instruments: Recognition and Measurement”. Under this revised standard, the ConsolidatedCompanies consider evidence of impairment for receivables at both individual and collective level. Lossesare recognized in profit or loss and reflected in an allowance account against receivables. The adoptionof this revised standard did not have a significant effect on the Company‟s consolidated financialstatements as of and for the year ended December 31, 2011.Effective January 1, 2011, the Consolidated Companies adopted SFAS No. 41 “Operating Segments”.In accordance with SFAS No. 41, information is disclosed to enable users of the Company‟s consolidatedfinancial statements to evaluate the nature and financial effects of the business activities in which theyengage and the economic environment in which they operate. Accordingly, the Consolidated Companiesdetermine and present operating segments based on the information that is internally provided to the chiefoperating decision maker. This new accounting standard superseded SFAS No. 20 “Segment Reporting”.The adoption of this accounting standard did not have any cumulative effect to the consolidated financialstatements as of and for the year ended December 31, 2011. However, the segment information as ofand for the year ended December 31, 2010 has been restated to conform to the disclosures as of and forthe year ended December 31, 2011.4. Significant Account Disclosures(1) Cash and cash equivalentsDecember 31, 2011 December 31, 2010NT$ US$ NT$Cash on hand 16,469 544 18,805Bank deposits 36,094,064 1,191,616 48,641,345Time deposits 21,982,048 725,720 19,796,23658,092,581 1,917,880 68,456,386(2) Financial assets and liabilities at fair value through profit or loss-currentDecember 31, 2011 December 31, 2010NT$ US$ NT$Financial assets at fair value through profit orloss-current:Foreign currency forward contracts 305,903 10,099 30,381Foreign currency options - - 8,514305,903 10,099 38,895(Continued)
21ACER INCORPORATED AND SUBSIDIARIESNotes to Consolidated Financial Statements (continued)December 31, 2011 December 31, 2010NT$ US$ NT$Financial liability at fair value through profit orloss-current:Foreign currency forward contracts (56,212) (1,856) (289,276)Foreign currency options - - (9,722)(56,212) (1,856) (298,998)For the years ended December 31, 2011 and 2010, unrealized gains (losses) resulting from thechanges in fair value of these derivative contracts amounted to NT$509,794 and NT$(255,223),respectively.The Consolidated Companies entered into derivative contracts to manage foreign currency exchangerisk arising from operating activities. As of December 31, 2011 and 2010, the derivative financialinstruments that did not conform to the criteria for hedge accounting and were classified as financialassets and liabilities at fair value through profit or loss consisted of the following:(a) Foreign currency forward contractsDecember 31,2011Notional amountBuy Sell(in thousands) Maturity periodUSD / SGD USD 6,000 2012/01USD / MYR USD 18,600 2012/01~2012/02USD / THB USD 32,000 2012/01~2012/02USD / INR USD 99,570 2012/01~2012/05USD / JPY USD 66,000 2012/01~2012/05USD / RUB USD 189,296 2012/01~2012/03USD / EUR EUR 46,140 2012/02December 31,2010Notional amountBuy Sell(in thousands) Maturity periodUSD / SGD USD 15,000 2011/01~2011/03USD / MYR USD 26,300 2011/01~2011/02USD / THB USD 29,200 2011/01~2011/02USD / INR USD 67,417 2011/01~2011/03USD / JPY USD 68,000 2011/01~2011/04USD / MXN USD 81,500 2011/01~2011/04USD / RUB USD 258,821 2011/01~2011/04USD / ZAR USD 36,000 2011/01~2011/03USD / EUR EUR 45,685 2011/01~2011/02AUD / USD USD 21 2011/01RUB / USD USD 38,546 2011/01(Continued)
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Consolidated Financial Statements - Acer Group

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