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SEC Filings

20-F
AC IMMUNE SA filed this Form 20-F on 03/21/2019
Entire Document
 

 

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Where an asset’s carrying amount is greater than its estimated recoverable amount, it is written down to its recoverable amount.

 

Gains and losses on disposals are determined by comparing the disposal proceeds with the carrying amount and are included in the statements of loss.

 

Fair value of financial assets and liabilities

 

The Company’s financial assets and liabilities are comprised of receivables, cash and cash equivalents, trade payables and debt obligations. The fair value of these financial instruments approximate their respective carrying values due to the short term maturity of these instruments and are held at their amortized cost in accordance with IFRS 9.

 

Receivables

 

Receivables are non-derivative financial assets with fixed payments that are not quoted in an active market. They arise when the Company provides money, goods or services directly to a debtor with no intention of trading the receivable. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date, which are classified as long-term assets. Receivables are recognized at their billing value. An allowance for doubtful accounts is recorded for potential estimated losses when there is evidence of the debtor’s inability to make required payments and the Company assesses on a forward looking basis the expected credit losses associated with these receivables held at amortized cost.

 

Short-term financial assets

 

Short-term financial assets are held with external financial institutions and comprise fixed-term deposits with maturities ranging from more than 3 until 12 months in duration.

 

Cash and cash equivalents

 

Cash and cash equivalents include deposits held with external financial institutions and cash on hand. All cash and cash equivalents are either in cash or in deposits with original duration of less than 3 months.

 

The Company assesses at each period whether there is objective evidence that financial assets are impaired.

 

Trade payables

 

Trade payables are amounts due to third parties in the ordinary course of business.

 

Debt obligations

 

The Company’s debt obligations relate to its agreement with a third party and are measured as of the period end date based on the repayment terms when originated.

 

Share capital and public offerings

 

Ordinary (Common) Shares are classified as equity, as were all Preferred Shares previously outstanding prior to the IPO. Expenses directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. See Note 8, “Share Capital.”

 

 F-12


© AC Immune 2015