YOUR QUICK GATEWAY (WINDSOR) INC.

Notes to Financial Statements (continued)

Year ended December 31, 2019

3. Significant accounting policies (continued):

(e) Furniture, fixtures and equipment:

Furniture, fixtures and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided on the straight-line basis over the estimated useful lives of the assets (5 years).

Depreciation methods, useful lives and residual values are reviewed annualiy and adjusted if necessary.

(f) Defined benefit plans:

The Corporation's employees participate in a multi-employer plan under which the Corporation is required to make contributions. Obligations for contributions are recognized as an employee benefit in profit or loss in the periods during which services are rendered by employees. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments is available

(g) Finance income and finance costs:

Finance income is recognized as it accrues in profit or ioss, using the effective interest method. 

Finance costs comprise interest expense on borrowings, and the unwinding of the discount on provisions

(h) Foreign currency transactions:

Transactions in foreign currencies are comprised of sales to foreign customers and purchases from foreign suppliers. These transactions are translated using the functional currency of the Corporation at exchange rates at the dates of the transactions. The related receivables and payables denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rates at that date. The resulting foreign currency gains or iosses are recognized on a net basis within finance income and finance costs in profit or loss

(i) Set-off and reporting on a net basis:

Assets and liabilities and income and expenses are not offset and reported on a net basis unless required or permitted by IFRS. For financial assets and financial iiabilities, offsetting is permitted when, and only when, the Corporation has a legally enforceable right to set-off and intends either to settle on a net basis, or to realize the asset and settle the liabiiity simultaneously.