Crucial 2011 Annual Report Download - page 152
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2
INOTERA MEMORIES, INC.
NOTES TO FINANCIAL STATEMENTS
Cash and assets that are held primarily for the purpose of being traded or are expected to be realized within 12 months after
the balance sheet date are classified as current assets; all other assets are classified as non-current assets.
Liabilities that are held primarily for the purpose of being traded or are expected to be settled within 12 months after the
balance sheet date are classified as current liabilities; all other liabilities are classified as non-current liabilities.
The Company assesses at each balance sheet date whether there is any indication that an asset (individual asset or cash-
generating unit) may have been impaired. If any such indication exists, the Company estimates the recoverable amount of the
asset. The Company recognizes impairment loss for an asset whose carrying value is higher than the recoverable amount.
The Company reverses an impairment loss recognized in prior periods for assets if there is any indication that the impairment
loss recognized no longer exists or has decreased. The carrying value after the reversal should not exceed the recoverable
amount or the depreciated or amortized balance of the assets assuming no impairment loss was recognized in prior periods.
Commercial paper and corporate bonds with agreements to repurchase with maturities of less than three months from the
date of purchase are classified as cash equivalents, which are highly liquid investment with no significant level of market or
credit risk from potential interest rate changes.
Derivatives that do not meet the criteria for hedge accounting are initially recognized at fair value, with transaction costs
expensed as incurred. The derivatives are remeasured at fair value subsequently with the changes in fair value recognized in
earnings. A regular way purchase or sale of financial assets is accounted for using settlement date accounting.
Fair value is estimated using valuation techniques incorporating estimates and assumptions that are consistent with
prevailing market conditions. When the net effect of the fair valuation of derivatives is positive, the derivative is recognized
as a financial asset; but when the net effect is negative, the derivative is recognized as a financial liability.
(Continued)
(c)
Basis for classifying assets and liabilities as current or non-current
(d)
Asset impairment
(e)
Cash equivalents
(f)
Financial assets / liabilities reported at fair value through profit or loss