Western Economic Diversification Canada
Symbol of the Government of Canada

Common menu bar links

Financial Statements (unaudited) for the Year Ended March 31, 2011

Statement of Management Responsibility

Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2011, and all information contained in these statements rests with the management of Western Economic Diversification Canada (WD). These financial statements have been prepared by management in accordance with Treasury Board accounting policies, which are based on Canadian generally accepted accounting principles for the public sector.

Management is responsible for the integrity and objectivity of the information in these financial statements. Some of the information in the financial statements is based on management's best estimates and judgment, and gives due consideration to materiality. To fulfill its accounting and reporting responsibilities, management maintains a set of accounts that provides a centralized record of WD's financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada, and included in WD's Departmental Performance Report, is consistent with these financial statements.

Management is also responsible for maintaining an effective system of internal control over financial reporting designed to provide reasonable assurance that financial information is reliable, that assets are safeguarded and that transactions are properly authorized and recorded in accordance with the Financial Administration Act and other applicable legislation, regulations, authorities and policies.

Management seeks to ensure the objectivity and integrity of data in its financial statements through careful selection, training and development of qualified staff; through organizational arrangements that provide appropriate divisions of responsibility; through communication programs aimed at ensuring that regulations, policies, standards and managerial authorities are understood throughout WD.

The Departmental Audit Committee is advisory to the Deputy Minister. Based on recommendations from the Departmental Audit Committee, the Deputy Minister approves the departmental risk-based audit plan, internal audit reports, as well as management action plans developed to address audit recommendations. The Departmental Audit Committee exercises oversight of core areas of departmental management, control and accountability, including reporting.

The financial statements of Western Economic Diversification Canada have not been audited.

 

Daniel Watson
Deputy Minister
Edmonton, Canada
 
Jim Saunderson
Chief Financial Officer

 

August 15, 2011
Date

 


 

Statement of Financial Position (Unaudited)
As of March 31

(in thousands of dollars)

  2011 2010
Restated
(Note 13)
ASSETS
Financial assets
Due from Consolidated Revenue Fund $ 237,499 $ 184,160
Accounts receivable and advances (note 4) 161 905
Repayable contributions (note 5) 21,702 21,056
Total financial assets 259,362 206,121
 
Non-financial assets
Prepayments (note 6) 9,517 10,716
Tangible capital assets (note 7) 2,407 2,405
Total non-financial assets 11,924 13,121
  $ 271,286 $ 219,242
 
LIABILITIES AND EQUITY OF CANADA
Liabilities
Accounts payable and accrued liabilities (note 8) $ 237,619 $ 184,759
Vacation pay and compensatory leave 1,868 2,062
Employee future benefits (note 9) 7,470 8,701
  246,957 195,522
 
Equity of Canada 24,329 23,720
 
$ 271,286

$ 219,242
Contractual obligations (note 10)

The accompanying notes form an integral part of these financial statements.

 

 

Daniel Watson
Deputy Minister
Edmonton, Canada
 
Jim Saunderson
Chief Financial Officer

 

August 15, 2011
Date

 

Statement of Operations (Unaudited)
For the Year Ended March 31

(in thousands of dollars)

Return to the top of this pagetop of page

  2011 2010
Expenses
Transfer payments
Business Development $ 39,303 $ 39,322
Innovation 72,758 81,573
Community Economic Development 276,685 218,882
Policy, Advocacy and Coordination 317 369
Total transfer payments 389,063 340,146
 
Operating expenses
Business Development 10,254 11,368
Innovation 5,699 5,508
Community Economic Development 20,014 15,868
Policy, Advocacy and Coordination 9,535 10,614
Internal Services 29,944 31,570
Total operating expenses 75,446 74,928
 
Total expenses

464,509

 415,074

 
Revenues
Business Development 165 611
Innovation 468 2,089
Community Economic Development 35 -
Internal Services 44 20
Total revenues 712 2,720
 
Net cost of operations $ 463,797 $ 412,354
Segmented information (note 12)

The accompanying notes form an integral part of these financial statements.

Return to the top of this pagetop of page

Statement of Equity of Canada (Unaudited)
For the Year Ended March 31

(in thousands of dollars)

  2011 2010
Restated
(Note 13)
Equity of Canada, beginning of year $ 23,720 $ 13,805
Net cost of operations (463,797) (412,354)
Net cash provided by Government 403,757 337,191
Change in due from the Consolidated Revenue Fund 53,339 77,809
Services provided without charge
by other government departments (note 11)
7,310 7,269
Equity of Canada, end of year $ 24,329 $ 23,720
The accompanying notes form an integral part of these financial statements.

Return to the top of this pagetop of page

Statement of Cash Flows (Unaudited)
For the Year Ended March 31

(in thousands of dollars)

  2011 2010
Operating activities
Net cost of operations $ 463,797 $ 412,354
 
Non-cash items:
Amortization of tangible capital assets (516) (525)
Services provided without charge by other government departments (note 11) (7,310) (7,269)
 
Variations in Statement of Financial Position:
Increase (decrease) in accounts receivable and advances (744) 19
Increase (decrease) in repayable contributions 646 12,772
Increase (decrease) in prepayments (1,199) 74
Decrease (increase) in accounts payable and accrued liabilities (52,860) (78,281)
Decrease (increase) in vacation pay and compensatory leave 194 (353)
Decrease (increase) in future employee benefits 1,231 (2,205)
 
Cash used in operating activities 403,239 336,586
 
Capital investing activities:
Acquisitions of tangible capital assets 518 605
Cash used by capital investing activities 518 605
Net cash provided by Government of Canada $ 403,757 $ 337,191
The accompanying notes form an integral part of these statements.

Return to the top of this pagetop of page

Notes to the Financial Statements (Unaudited)
For the Year Ended March 31

1. Authority and Objectives

Western Economic Diversification Canada (WD), a department of the Government of Canada operates under the authority of the Western Economic Diversification Act of 1988 that works to strengthen Western Canada's economy and advance its interests in national economic policy.

Through the Act, WD is mandated to:

  • promote the development and diversification of the economy of Western Canada; and
  • advance the interests of the West in national economic policy, program and project development and implementation.

WD works strategically through partnerships with all orders of government, academic and research institutes, industry associations, and not-for-profit organizations to implement initiatives that leverage funds and expertise for the benefit of the West and westerners.

WD's Deputy Minister is based in the department's Headquarters office in Edmonton, Alberta. WD's programs encourage business development, innovation and community economic development in rural and urban communities. The department plays an important leadership and coordination role in furthering western interests and responding to western challenges.

The strategic outcome of WD is: “The western Canadian economy is developed and diversified.” The department's four program activities and management related program activity (Internal Services) support the achievement of its strategic outcome. Specifically, they are:

  1. Business Development: strong small- and medium-sized enterprises (SMEs) in Western Canada with improved capacity to remain competitive in the global marketplace.
     
  2. Innovation: a stronger knowledge-based economy.
     
  3. Community Economic Development: communities have increased economic opportunities and capacity to respond to challenges, as well as the necessary investments in public infrastructure.
     
  4. Policy, Advocacy and Coordination: policies and programs that strengthen the western Canadian economy.
     
  5. Internal Services: effective and efficient support for the delivery of the organizational strategic outcome.
     

As part of WD's mandate to co-ordinate federal economic activities in the West, WD implements some programs on behalf of other federal departments and agencies. These programs are implemented under arrangements where the other federal department provides the authorities and funding from Parliament. Related grant and contribution costs are reported in the accounts of other federal departments; they are not reflected as expenses in these Financial Statements.

 

Return to the top of this pagetop of page

2. Summary of Significant Accounting Policies

These financial statements have been prepared in accordance with the Treasury Board accounting policies stated below, which are based on Canadian generally accepted accounting principles for the public sector. The presentation and results using the stated accounting policies do not result in any differences from Canadian generally accepted accounting principles.

Significant accounting policies are as follows:

  • (a) Parliamentary authorities – WD is financed by the Government of Canada through Parliamentary authorities. Financial reporting of authorities provided to WD do not parallel financial reporting according to generally accepted accounting principles since authorities are primarily based on cash flow requirements. Consequently, items recognized in the Statement of Operations and the Statement of Financial Position are not necessarily the same as those provided through authorities from Parliament. Note 3 provides a reconciliation between the bases of reporting.
     
  • (b) Net Cash Provided by Government – WD operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by WD is deposited to the CRF and all cash disbursements made by WD are paid from the CRF. The net cash provided by Government is the difference between all cash receipts and all cash disbursements including transactions between departments of the Government.
     
  • (c) Amounts due from/to the CRF are the result of timing differences at year-end between when a transaction affects authorities and when it is processed through the CRF. Amounts due from the CRF represent the net amount of cash that WD is entitled to draw from the CRF without further appropriations to discharge its liabilities.
     
  • (d) Revenues:
     
    1. Revenues from regulatory fees are recognized in the accounts based on the services provided in the year.
       
    2. Other revenues are accounted for in the period in which the underlying transaction or event occurred that gave rise to the revenue takes place.
       
      • Sources of revenues include:
         
        • Interest charges on repayment of contributions.
           
  • (e) Expenses - Expenses are recorded on the accrual basis:
     
    1. Transfer Payments:
       
      • Grants are recognized in the year in which the conditions for payment are met. In the case of grants which do not form part of an existing program, the expense is recognized when the Government announces a decision to make a non-recurring transfer, provided the enabling legislation or authorization for payment receives parliamentary approval prior to the completion of the financial statements.
         
      • Contributions are recognized in the year in which the recipient has met the eligibility criteria or fulfilled the terms of a contractual transfer agreement, provided that the transfer is authorized and a reasonable estimate can be made.
         
    2. Vacation pay and compensatory leave are accrued as the benefits are earned by employees under their respective terms of employment.
       
    3. Services provided without charge by other government departments for accommodation, employer contributions to the health and dental insurance plans, legal services and workers' compensation are recorded as operating expenses at their estimated cost.
       
  • (f) Employee future benefits
     
    1. Pension benefits: Eligible employees participate in the Public Service Pension Plan (The Public Service Superannuation Act), a multiemployer plan administered by the Government. WD's contributions to the Plan are charged to expenses in the year incurred and represent the total departmental obligations to the Plan. Current legislation does not require WD to make contributions for any actuarial deficiencies of the Plan.
       
    2. Severance benefits: Employees are entitled to severance benefits under labour contracts or conditions of employment. These benefits are accrued as employees render the services necessary to earn them. The obligation relating to the benefits earned by employees is calculated using information derived from the results of the actuarially determined liability for employee severance benefits for the Government as a whole.
       
  • (g) Accounts receivables and advances are stated at the lower of cost and net recoverable value; a valuation allowance is recorded for receivables where recovery is considered uncertain.
     
  • (h) Repayable contributions are contributions where the recipient is expected to repay the amount advanced. Depending on their nature, they are classified as either unconditionally repayable or conditionally repayable and are accounted for accordingly.
     
    1. Unconditionally repayable contributions are contributions that must be repaid without qualification. Normally, these contributions are provided with a low or no interest clause. Due to their concessionary nature, they are recorded on the Statement of Financial Position as loans at their estimated present value. A portion of the unamortized discount is recorded as revenue each year to reflect the change in the present value of the contributions outstanding. An estimated allowance for uncollectibility is recorded where appropriate.
       
    2. Conditionally repayable contributions are contributions that, all or part of which becomes repayable, if conditions specified in the contribution agreement come into effect. Accordingly, they are not recorded on the Statement of Financial Position until such time as the conditions specified in the agreement come into effect at which time, they are recorded as a receivable and a reduction in transfer payment expenses. An estimated allowance for uncollectibility is recorded where appropriate.
       
  • (i) Contingent liabilities – Contingent liabilities are potential liabilities which may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded. If the likelihood is not determinable or an amount cannot be reasonably estimated, the contingency is disclosed in the notes to the financial statements.
     
  • (j) Tangible capital assets – All tangible assets and leasehold improvements having an initial cost of $10,000 or more are recorded at their acquisition cost. WD does not capitalize intangibles, works of art and historical treasures that have cultural, aesthetic or historical value, assets located on Indian Reserves and museum collections.

    Amortization of tangible capital assets is done on a straight-line basis over the estimated useful life of the asset as follows:
     
    Asset class Amortization period
    Machinery and equipment 10 years
    Vehicles 5 years
    Computer Hardware 3 years
    Computer Software 3-7 years
    Leasehold improvements Lesser of the remaining term of the lease or useful life of the improvement

    Assets under construction are recorded in the applicable capital asset class in the year that they become available for use and are not amortized until they become available for use.
     
  • k) Measurement uncertainty - The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in the financial statements. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. The most significant items where estimates are used are allowance for doubtful accounts, the liability for employee severance benefits, the useful life of tangible capital assets and unamortized discount related to unconditionally repayable contributions. Actual results could significantly differ from those estimated. Management's estimates are reviewed periodically and, as adjustments become necessary, they are recorded in the financial statements in the year they become known.

 

Return to the top of this pagetop of page

3. Parliamentary Authorities

WD receives most of its funding through annual Parliamentary authorities. Items recognized in the statement of operations and the statement of financial position in one year may be funded through Parliamentary authorities in prior, current or future years. Accordingly, WD has different net results of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

(a) Reconciliation of net cost of operations to current year authorities used:

  2011 2010
(in thousands of dollars)
Net cost of operations $ 463,797 $ 412,354
 
Adjustments for items affecting net cost of operations but not affecting authorities:
Amortization of tangible capital assets (516) (525)
Services provided without charge by other government departments (7,310) (7,269)
Increase (decrease) in vacation pay and compensatory leave 194 (353)
Increase (decrease) in employee future benefits 1,231 (2,205)
Adjustments to prior year accruals 1,984 1,565
Revenue not available for spending 2,009 3,947
Bad debts (8,523) (3,557)
Other 199 (729)
  (10,732) (9,126)
 
Adjustments for items not affecting net cost of operations, but affecting authorities:
Acquisitions of tangible capital assets 518 605
Unconditionally repayable contributions 14,107 17,396
Increase (decrease) in prepayments (1,199) 74
  13,426 18,075
Current year authorities used $ 466,491 $ 421,303

 

Return to the top of this pagetop of page

(b) Appropriations provided and used:

  2011 2010
(in thousands of dollars)
Authorities Provided:
Vote 1 - Operating expenditures $ 60,298 $ 59,483
Vote 5 - Transfer Payments 405,316 277,461
Statutory amounts 24,659 140,166
 
Less:
Lapsed: Operating (5,823) (4,493)
Lapsed: Transfer payments (17,959) (51,314)
 
Current year authorities used $ 466,491 $ 421,303

 

Return to the top of this pagetop of page

4. Accounts receivables and advances

The following table presents details of WD's accounts receivable and advance balances:

  2011 2010
(in thousands of dollars)
External Parties
Accrued interest $ 82 $ 667
Non-repayable contributions 26 -
Other receivables 2,834 5,970
Employee advances 4 8
  2,946 6,645
Allowance for doubtful accounts (2,901) (6,332)
 
Subtotal - External parties 45 313
Other government departments 116 592
  $ 161 $ 905

 

5. Repayable Contributions

The following table presents details of WD's repayable contributions receivable balances:

  2011 2010
(in thousands of dollars)
Unconditionally repayable contributions $ 37,062 $ 33,527
Unamortized discount on unconditionally repayable contributions (3,937) (2,527)
Allowance for doubtful accounts - repayable contributions (11,423) (10,078)
Net unconditionally repayable contributions 21,702 20,922
Accrued interest -unconditionally repayable contributions 5,158 7,435
Allowance for doubtful accounts - accrued interest receivable (5,158) (7,301)
  $ 21,702 $ 21,056

(a) Repayable contributions:

Repayable contributions relate to contributions made to outside parties which are repayable based on the recipient having met certain conditions. An allowance of $11.4M ($10.1M in 2009-2010) relating to these loans has been recorded.

 

Return to the top of this pagetop of page

6. Prepayments

  2011 2010
(in thousands of dollars)
Loss support contributions $ 13,489 $ 13,993
Allowance for losses on loss support contributions (4,950) (3,521)
Net loss support contributions 8,539 10,472
Non-repayable, conditionally & repayable contributions 978 226
Prepaid expenses - 18
  $ 9,517 $ 10,716

 

Return to the top of this pagetop of page

7. Tangible capital assets

(in thousands of dollars)

Capital asset class Cost Accumulated Amortization Net Book Value
Opening balance Acquisitions Transfers Disposals and write-offs Closing balance Opening balance Amortization Transfers Disposals and write-offs Closing balance 2011 2010
Machinery and equipment $ 521 $ 25 $ 57 $ - $ 603 $ 104 $ 53 $ 57 $ - $ 214 $ 389 $ 417
Computer Hardware 438 - (57) 48 333 269 59 (57) 48 223 110 169
Computer Software 2,342 23 - - 2,365 931 308 - - 1,239 1,126 1,411
Vehicles 112 - - - 112 70 15 - - 85 27 42
Assets under construction 13 385 (13) - 385 - - - - - 385 13
Leasehold improvements 860 85 13 - 958 507 81 - - 588 370 353
Total $ 4,286 $ 518 $ - $ 48 $ 4,756 $ 1,881 $ 516 $ - $ 48 $ 2,349 $ 2,407 $ 2,405

 

Return to the top of this pagetop of page

8. Accounts Payable and Accrued Liabilities

The following table presents details of WD's accounts payable and accrued liabilities:

  2011 2010
(in thousands of dollars)
Accounts payable to other government departments $ 19,909 $ 2,355
 
Accounts payable to external parties
Transfer payments 214,401 179,954
Operating 2,146 1,265
Accrued salaries and wages 1,163 1,185
  217,710 182,404
  $ 237,619 $ 184,759

 

Return to the top of this pagetop of page

9. Employee future benefits

(a) Pension benefits:

WD's employees participate in the Public Service Pension Plan, which is sponsored and administered by the Government. Pension benefits accrue up to a maximum period of 35 years at a rate of 2 percent per year of pensionable service, times the average of the best five consecutive years of earnings. The benefits are integrated with Canada/Québec Pension Plans benefits and they are indexed to inflation.

Both the employees and WD contribute to the cost of the Plan. The 2010-2011 expense amounts to $4,672,799 ($4,486,185 in 2009-2010), which represents approximately 1.9 times (1.9 times in 2009-2010) the contributions by employees.

WD's responsibility with regard to the Plan is limited to its contributions. Actuarial surpluses or deficiencies are recognized in the financial statements of the Government of Canada, as the Plan's sponsor.

(b) Severance benefits:

WD provides severance benefits to its employees based on eligibility, years of service and final salary. These severance benefits are not pre-funded. Benefits will be paid from future authorities. Information about the severance benefits, measured as at March 31, is as follows:

  2011 2010
(in thousands of dollars)
Accrued benefit obligation, beginning of year $ 8,701 $ 6,496
Expense for the year (375) 2,808
Benefits paid during the year (856) (603)
Accrued benefit obligation, end of year $ 7,470 $ 8,701

Return to the top of this pagetop of page

10. Contractual Obligations

The nature of the WD's activities can result in some large multi-year contracts and obligations whereby WD will be obligated to make future payments in order to carry out its transfer payment programs or when the services/goods are received. Significant contractual obligations that can be reasonably estimated are summarized as follows:

  2012 2013 2014 2015 2016 and
thereafter
Total
(in thousands of dollars)
Transfer Payments
Alberta & Saskatchewan centenaries $ 16,000 $ 4,000 $ - $ - $ - $ 20,000
Core programming 93,389 35,382 10,222 422 - 139,415
Recreational Infrastructure Canada 14,492 - - - - 14,492
Rick Hansen Foundation 4,500 4,500 - - - 9,000
Total estimated future commitments $ 128,381 $ 43,882 $ 10,222 $ 422 $ - $ 182,907

 

Return to the top of this pagetop of page

11. Related party transactions

WD is related as a result of common ownership to all Government departments, agencies and Crown Corporations. WD enters into transactions with these entities in the normal course of business and on normal trade terms. During the year, WD received common services, which were obtained without charge from other Government departments as disclosed below.

(a) Common services provided without charge by other government departments:

During the year, WD received without charge from certain common service organizations, related to accommodation, legal services, the employer's contribution to the health and dental insurance plans and workers' compensation coverage. These services provided without charge have been recorded in WD's Statement of Operations as follows:

  2011 2010
(in thousands of dollars)
Employer's contribution to the health and dental insurance plan $ 3,375 $ 3,330
Accommodation 3,823 3,745
Legal services 71 153
Workers' Compensation 41 41
Total $ 7,310 $ 7,269

The Government has centralized some of its administrative activities for efficiency, cost-effectiveness purposes and economic delivery of programs to the public. As a result, the Government uses central agencies and common service organizations so that one department performs services for all other departments and agencies without charge. The costs of these services, such as the payroll and cheque issuance services provided by Public Works and Government Services Canada and audit services provided by the Office of the Auditor General, are not included in the WD's Statement of Operations.

(b) Administration of programs on behalf of other government departments:

Part of WD's mandate is to coordinate federal economic activities in the West. In this regard, WD implements programs on behalf of other federal departments and agencies. The following is a list of programs valued at greater than one million dollars in federal contributions administered by WD over the last two fiscal years. These grant and contribution expenses are reflected in the financial statements of the other government departments and not those of WD.

  2011 2010
(in thousands of dollars)
Building Canada Fund (Community Component) $ 144,886 $ -
Canada Strategic Infrastructure Fund - Infrastructure Canada 24,883 51,457
Municipal Rural Infrastructure Fund - Infrastructure Canada 47,881 81,932
Total $ 217,650 $ 133,389

WD provided project and administration service for the Building Canada Fund (BCF) Program for Infrastructure Canada. In fiscal year 2009-2010, all claims and expenditures were processed by Infrastructure Canada. The arrangement changed in fiscal year 2010-2011 where all claims and expenditures were processed by Western Economic Diversification. Claims and expenditures will continue to be reported by Infrastructure Canada.

(c) Other transactions with related parties:

  2011 2010
(in thousands of dollars)
Expenses - Other Government Departments and Agencies $ 2,644 $ 3,077

 

Return to the top of this pagetop of page

12. Segmented information

Presentation by segment is based on WD's program activity architecture. The presentation by segment is based on the same accounting policies as described in the Summary of significant accounting policies in note 2. The following table presents the expenses incurred and revenues generated for the main program activities, by major object of expenses and by major type of revenues. The segment results for the period are as follows:

  Business Development Innovation Community Economic Development Policy, Advocacy and Coordination Internal Services 2011
Total
2010
Total
(in thousands of dollars )
Transfer payments
Transfer payments $ 39,303 $ 72,893 $ 277,328 $ 317 $ - $ 389,841 $ 341,250
Repaid contributions - (135) (643) - - (778) (1,104)
Total transfer payments 39,303 72,758 276,685 317 - 389,063 340,146
Operating expenses
Salaries and employee benefits 5,978 3,926 10,926 7,579 19,842 48,251 51,692
Bad debts 154 1,150 7,219 - - 8,523 3,557
Professional and special services 2,628 56 773 342 3,031 6,830 7,434
Transportation and communications 386 110 437 548 2,464 3,945 3,962
Accommodation 612 378 470 654 1,709 3,823 3,745
Acquisition of machinery and equipment 105 26 45 141 1,380 1,697 1,398
Rentals 130 8 43 47 480 708 764
Utilities, materials and supplies 133 22 38 170 228 591 701
Amortization of tangible capital assets - - - - 516 516 525
Information 98 8 45 32 204 387 693
Repairs and maintenance 13 4 5 8 79 109 333
Other 17 11 13 14 11 66 124
Total operating expenses 10,254 5,699 20,014 9,535 29,944 75,446 74,928
Total expenses 49,557 78,457 296,699 9,852 29,944 464,509 415,074
Revenues
Interest 164 308 35 - - 507 2,276
Other fees and charges (compensatory repayments) 1 160 - - - 161 57
Other - - - - 44 44 387
Total revenues 165 468 35 - 44 712 2,720
Net cost from operations $ 49,392 $ 77,989 $ 296,664 $ 9,852 $ 29,900 $ 463,797 $ 412,354

 

Return to the top of this pagetop of page

13. Adoption of new accounting policies

During the year, WD adopted the revised Treasury Board accounting policy TBAS 1.2: Departmental and Agency Financial Statements which is effective for WD for the 2010-11 fiscal year. The major change in the accounting policies of WD required by the adoption of the revised TBAS 1.2 is the recording of amounts due from the Consolidated Revenue Fund as an asset on the Statement of Financial Position.

The adoption of the new Treasury Board accounting policies have been accounted for retroactively with the following impact on comparatives for 2009-2010:

  2010
As previously stated
Effect of changes 2010
Restated
(in thousands of dollars)
Statement of Financial Position
Assets $ 35,082 $ 184,160 $ 219,242
Equity of Canada (160,440) 184,160 23,720

 

Return to the top of this pagetop of page

14. Comparative information

Comparative figures have been reclassified to conform to the current year's presentation.