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Basis of Presentation | 12 Months Ended
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Dec. 31, 2020
Disclosure Of Basis Of Presentation [Abstract] |
Basis of Presentation |
2. | Basis of presentation
| a) | Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”) in effect as of December 31, 2020. During 2018, the Company changed its fiscal year end from February 28 to December 31 and accordingly a ten-month period ended December 31, 2018 is presented in these consolidated financial statements. The change in fiscal year was made to better align the Company’s reporting calendar with other publicly listed companies. These consolidated financial statements were approved and authorized for issue by the Board of Directors (“Board”) on March 17, 2021.
| b) | Basis of measurement
These consolidated financial statements have been prepared on a historical cost basis, except for biological assets, cannabis inventory and certain financial instruments which are measured at fair value with changes in fair value recorded in earnings.
| c) | Functional and presentation currency
These consolidated financial statements are presented in Canadian dollars, which is the functional and presentation currency of the Company and its Canadian based subsidiaries. Sundial Deutschland GmbH and Sundial Portugal, Unipessoal LDA use the European Euro as their functional currency. Transactions in currencies other than the functional currency are translated at the rate prevailing at the date of transaction. Monetary assets and liabilities that are denominated in foreign currencies are translated at the rate prevailing at each reporting date. Income and expense amounts are translated at the dates of the transactions. In preparing the Company’s consolidated financial statements, the financial statements of foreign subsidiaries are translated into Canadian dollars, the functional currency of the Company. The assets and liabilities of foreign subsidiaries that do not have a functional currency of Canadian dollars, are translated into Canadian dollars using exchange rates at the reporting date. Revenues and expenses of foreign operations are translated into Canadian dollars using foreign exchange rates that approximate those on the date of the underlying transactions. Foreign exchange differences from the translation of foreign subsidiaries into Canadian dollars are recognized in Other Comprehensive Income.
| d) | Basis of consolidation
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 these consolidated financial statements from the date that control commences until the date that control ceases.
Subsidiaries | Jurisdiction of incorporation | Percentage ownership |
Sprout Technologies Inc. | Alberta, Canada |  | 100 | %
KamCan Products Inc. | British Columbia, Canada |  | 100 | %
2011296 Alberta Inc. | Alberta, Canada |  | 100 | %
Sundial Deutschland GmbH | Germany |  | 100 | %
Sundial Portugal, Unipessoal LDA | Portugal |  | 100 | %
Pathway Rx Inc. | Alberta, Canada |  | 50 | %
2657408 Ontario Inc. | Ontario, Canada |  | 100 | %
NGBA-BC Holdings Ltd. | British Columbia, Canada |  | 100 | %

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