3. BASIS OF PRESENTATION
|12 Months Ended|
Dec. 31, 2020
|3. BASIS OF PRESENTATION||
3.BASIS OF PRESENTATION
a)Statement of Compliance
The Company's consolidated financial statements have been prepared in accordance with and using accounting policies in full compliance with International Reporting Standards ("IFRS") and International Accounting Standards ("IAS") as issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee ("IFRIC"), effective for the Company's reporting for the years ended December 31, 2020 and 2019.
These consolidated financial statements were authorized for issue by the Board of Directors on July 22, 2021.
b)Basis of Presentation
These consolidated financial statements have been prepared on a historical cost basis except for biological assets and certain financial instruments classified as fair value through profit or loss, which are measured at fair value, as detailed in Note 21. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information.
c)Basis of Consolidation
The consolidated financial statements for the years ended December 31, 2020 and 2019 include the accounts of the Company and its wholly owned subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has the power, directly and indirectly, to govern the financial and operating policies of an entity and be exposed to the variable returns from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. All inter-company transactions, balances, income and expenses are eliminated in full upon consolidation. These consolidated financial statements include the accounts of the following active entities:
d)Functional and Presentation Currency
The Companys presentation currency, as determined by management, is the Canadian dollar. Management has determined that the functional currency of its parent and Canadian subsidiaries is the Canadian dollar and the functional currency of its United States subsidiaries is the United States dollar. These financial statements are presented in Canadian dollars unless otherwise specified.
The disclosure of the basis used for the preparation of the financial statements.
Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef