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Future-oriented Financial Statements for the year ending March 31, 2013

Statement of Management Responsibility

Departmental management is responsible for these future-oriented financial statements, including responsibility for the appropriateness of the assumptions on which these statements are prepared. These statements are based on the best information available and assumptions adopted as at January 31, 2012 and reflect the plans described in the Report on Plans and Priorities.

The actual results achieved for the fiscal years covered in the accompanying future-oriented financial statements will vary from the information presented and the variations may be material.

The Future-oriented Financial Statements for Western Economic Diversification Canada have not been audited.

 

Daniel Watson
Deputy Minister
Edmonton, Canada

 

April 3, 2012

 

Date

 

 

 

Jim Saunderson
Chief Financial Officer
Edmonton, Canada

 

 

 

 

April 3, 2012

 

Date

 

Future-oriented Statement of Financial Position (Unaudited)
As at March 31

(in thousands of dollars)

  Estimated  Results 2012 Planned Results 2013
ASSETS
Financial assets
Due from Consolidated Revenue Fund $ 85,779 $ 74,126
Accounts receivable and advances (Note 6) 351 282
Repayable contributions and advances (Note 7) 27,427 24,116
Total financial assets 113,557 98,524
 
Non-financial assets
Tangible capital assets (Note 8) 1,802 1,301
Total non-financial assets 1,802 1,301
  $ 115,359 $ 99,825
 
LIABILITIES AND EQUITY OF CANADA
Liabilities
Accounts payable and accrued liabilities (Note 9) $ 86,106 $ 74,377
Vacation pay and compensatory leave 1,906 1,886
Employee future benefits (Note 10) 7,009 6,991
  95,021 83,254
 
Equity of Canada 20,338 16,571
 
  $ 115,359 $ 99,825
Information for the year ended March 31, 2012 includes actual amounts from April 1, 2011 to January 31, 2012.

Contractual Obligations (Note 11)

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

 

Future-oriented Statement of Operations (Unaudited)
For the Year Ending March 31

(in thousands of dollars)

  Estimated  Results 2012 Planned Results 2013
Expenses
Transfer payments
Business Development $ 44,353 $ 53,370
Innovation 63,809 55,829
Community Economic Development 25,675 11,527
Policy, Advocacy and Coordination 1,293 983
Total transfer payments 135,130 121,709
 
Operating expenses
Business Development 8,542 10,445
Innovation 5,808 6,220
Community Economic Development 10,952 5,171
Policy, Advocacy and Coordination 8,998 8,154
Internal Services 28,313 25,406
Total operating expenses 62,613 55,396
 
Total expenses 197,743 177,105
 
Revenues
Business Development 20 8
Innovation 42 6
Community Economic Development 2,189 476
Internal Services 24 4
Total revenues 2,275 494
 
Net cost from Continuing Operations 195,468 176,611
 
Transferred Operations
Expenses 1,009 -
Net cost of transferred operations 1,009 -
 
Net cost of operations $ 196,477 $ 176,611
Information for the year ended March 31, 2012 includes actual amounts from April 1, 2011 to January 31, 2012.

Segmented information (Note 13)

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

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Future-oriented Statement of Equity of Canada (Unaudited)
For the Year Ending March 31

(in thousands of dollars)

  Estimated  Results 2012 Planned Results 2013
Equity of Canada, beginning of year $ 24,329 $ 20,338
 
Net cost of operations (196,477) (176,611)
 
Net cash provided by Government 337,612 177,983
 
Change in due to/from the Consolidated Revenue Fund (151,720) (11,653)
 
Services provided without charge by other government departments (Note 12) 6,628 6,514
 
Transfer of asset and liabilities from(to) other government departments (Note 14) (34) -
 
Equity of Canada, end of year $ 20,338 $ 16,571
Information for the year ended March 31, 2012 includes actual amounts from April 1, 2011 to January 31, 2012.

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

 

Future-oriented Statement of Cash Flow (Unaudited)
For the Year Ending March 31

(in thousands of dollars)

  Estimated  Results 2012 Planned Results 2013
Operating activities
Net cost of operations $ 196,477 $ 176,611
 
Non-cash Items:
Amortization of tangible capital assets (593) (501)
Services provided without charge
by other government departments (Note 12)
(6,628) (6,514)
 
Variations in Future-oriented Statement of Financial Position:
Increase (decrease) in accounts receivable and advances 190 (69)
Increase (decrease) in repayable contributions (3,792) (3,311)
Decrease (increase) in accounts payable and accrued liabilities 151,513 11,729
Decrease (increase) in vacation pay and compensatory leave (38) 20
Decrease (increase) in future employee benefits 461 18
Transfer of Accrued Liabilities to Shared Services Canada (Note 14) (161) -
Cash used in operating activities 337,429 177,983
 
Capital investing activities:
Acquisition of tangible capital assets 183 -
Cash used in capital investing activities 183 -
 
Net cash provided by Government of Canada $ 337,612 $ 177,983
Information for the year ended March 31, 2012 includes actual amounts from April 1, 2011 to January 31, 2012.

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

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Notes to the Future-oriented Financial Statements (Unaudited)
For the Year Ending March 31

1. Authority and Objectives

Western Economic Diversification Canada (WD) was established in 1987 and mandated to promote the development and diversification of the economy of Western Canada and to advance the interests of the West in national economic policy, program, and project development and implementation.

As the federal economic development department for Western Canada, WD develops and supports economic policies, programs and activities that promote economic growth and assist Western Canada in responding to the economic challenges and opportunities it faces.

Its western base has enabled the department to develop a broad understanding of Western Canada and foster extensive partnerships with business and community organizations, research and academic institutions as well as provincial and local governments.

WD works to develop and diversify the economy in the West, helping to build companies that are innovative and competitive in the global marketplace while diversifying the base of the western Canadian economy beyond primary resource industries.

WD’s strategic outcome is advanced through the following program activities:

  • Business Development: Strong small and medium-sized enterprises (SMEs) in Western Canada with improved capacity to remain competitive in the global marketplace;
     
  • Innovation: A stronger knowledge-based economy;
     
  • Community Economic Development: Communities have increased economic opportunities and capacity to respond to economic challenges;
     
  • Policy, Advocacy and Coordination: Policies and programs that strengthen the western Canadian economy;
     
  • Internal Services: Effective and efficient support for advancing the organization’s strategic outcome.

2. Methodology and significant assumptions

The future-oriented financial statements have been prepared on the basis of the government priorities and the plans of the department as described in the Report on Plans and Priorities.

The main assumptions are as follows:

  1. The department's activities will remain substantially the same as for the previous year.
     
  2. Expenses and revenues, including the determination of amounts internal and external to the government, are based on historical experience. The general historical pattern is expected to continue.
     
  3. Allowances for uncollectibility are based on historical experience.  The general historical pattern is expected to continue.
     
  4. Estimated year end information for 2011-12 is used as the opening position for the 2012-13 planned results.

These assumptions are adopted as at January 31, 2012.

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3. Variations and Changes to the Forecast Financial Information

While every attempt has been made to forecast final results for the remainder of 2011-12 and for 2012-13, actual results achieved for both years are likely to vary from the forecast information presented, and this variation could be material.

In preparing these future-oriented financial statements, WD has made estimates and assumptions concerning the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Factors that could lead to material differences between the future-oriented financial statements and the historical financial statements include:

  1. The timing and amounts of acquisitions and disposals of property, plant and equipment may affect gains/losses and amortization expense.
     
  2. Implementation of new collective agreements.
     
  3. Economic conditions may affect both the amount of revenue earned and the collectability of loan receivables.
     
  4. Interest rates in effect at the time of issue will affect the net present value of non-interest bearing loans.
     
  5. Further changes to the operating budget through additional new initiatives or technical adjustments later in the year.
     

Once the Report on Plans and Priorities is presented, WD will not be updating the forecasts for any changes to appropriations or forecast financial information made in ensuing supplementary estimates. Variances will be explained in the Departmental Performance Report.

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4. Summary of Significant Accounting Policies

The future-oriented financial statements have been prepared in accordance with the Treasury Board accounting policies in effect for the 2011-12 fiscal year. These accounting policies, stated below, 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 significant differences from Canadian generally accepted accounting principles.

Significant accounting policies are as follows:

  1. 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 Future-oriented Statement of Operations and the Future-oriented Statement of Financial Position are not necessarily the same as those provided through authorities from Parliament. Note 5 provides a reconciliation between the bases of reporting.
     
  2. 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.
     
  3. 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.
     
  4. Revenues- are recorded on an accrual basis:
     
    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 that gave rise to the revenue takes place.
      • Sources of revenues include:
        • Interest charges on repayment of contributions.
           
  5. Expenses - are recorded on an 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 future-oriented 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, the employer’s contributions to the health and dental insurance plans, legal services and other services are reported as operating expenses at their estimated cost.
       
  6. 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 obligation 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.
       
  7. Accounts receivables and advances are stated at the lower of cost and net recoverable value; a valuation allowance is established for receivables where recovery is considered uncertain.
     
  8. 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 Future-oriented 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 Future-oriented 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.
       
  9. 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 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.
     
  10. Measurement uncertainty – The preparation of these future-oriented financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses reported in the future-oriented financial statements. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. Actual results could significantly differ from those estimated.

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5. Parliamentary Authorities

WD receives most of its funding through expenditure authorities provided by Parliament. Items recognized in the Future-oriented Statement of Operations and 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) Authorities requested:

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Authorities requested
Vote 1 - Operating expenditures $ 52,137 $ 43,223
Vote 5 - Transfer payments 155,098 123,496
Statutory amounts 9,673 9,588
Forecast Authorities available $ 216,908 $ 176,307

Authorities presented reflect current forecasts of statutory items, approved initiatives included and expected to be included in Estimates documents and, when reasonable estimates can be made, estimates of amounts to be allocated from Treasury Board central votes.

(b) Reconciliation of net cost of operations to requested authorities:

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Net cost of operations $ 196,477 $ 176,611
 
Adjustments for items affecting net cost of operations but not affecting authorities:
Amortization of tangible capital assets (593) (501)
Services provided without charge by other government departments (6,628) (6,514)
Increase (decrease) in vacation pay and compensatory leave (38) 20
Increase (decrease) in employee future benefits 461 18
Adjustments to prior year accruals 2,132 2,133
Transfer of Employee Benefits to Shared Services Canada (39) -
Revenue not available for spending 6,486 5,128
Bad debts (1,999) (144)
Other: (2,654) (1,843)
  (2,872) (1,703)
 
Adjustments for items not affecting net cost of operations, but affecting authorities:
Acquisitions of tangible capital assets 183 -
Loss support contributions 1,820 1,399
  2,003 1,399
 
Forecast current year lapse 21,300 -
Forecast authorities available $ 216,908 $ 176,307

6. Accounts receivables and advances

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

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Receivables from other government departments and agencies $ 323 $ 247
Receivables from external parties 155 31
Employee advances 4 4
  482 282
 
Allowance for doubtful accounts on receivables from external parties (131) -
  $ 351 $ 282

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7. Repayable contributions and advances

The following table presents details of WD’s repayable contribution and advance balances:

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Unconditionally repayable contributions $ 27,053 $ 22,235
Loss support contributions 13,531 13,507
Accrued interest - unconditionally repayable contributions 4,720 3,275
  45,304 39,017
 
Less: Allowance for uncollectibility (16,117) (13,624)
Less: Unamortized discount (1,760) (1,277)
  $ 27,427 $ 24,116

(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 $6.1M ($7.4M in 2011-2012) relating to these loans is estimated.

8. Tangible capital assets

Capital asset class Cost Accumulated Amortization Net Book Value
Opening balance Acquisitions Transfers Disposals and write-offs Closing balance Opening balance Amortization Disposals and write-offs Closing balance 2013 Planned 2012 Estimated
(in thousands of dollars)
Machinery and equipment $ 926 $ - $ - $ - $ 926 $ 276 79 $ - $ 355 $ 571 $ 650
Computer Software 2,365 - - - 2,365 1,555 302 - 1,857 508 810
Vehicles 144 - - - 144 99 15 - 114 30 45
Leasehold Improvements 1,014 - - - 1,014 717 105 - 822 192 297
Total $ 4,449 $ - $ - $ - $ 4,449 $ 2,647 $ 501 $ - $ 3,148 $ 1,301 $ 1,802
Effective November 15, 2011, WD transferred computer hardware and equipment with a net book value of $165,335 to Shared Services Canada (see note 14).

Effective January 17, 2012, WD transferred equipment with a net book value of $29,669 to Canadian Environmental Assessment Agency (see note 14).

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9. Accounts payable and accrued liabilities

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

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Accounts payable to other government departments $ 1,924 $ 1,997
 
Accounts payable to external parties
Transfer payments 81,643 70,052
Operating 1,745 1,562
Accrued salaries and wages 794 766
  84,182 72,380
 
  $ 86,106 $ 74,377

10. 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 forecast expenses are $4,465,818 in 2011-12 and $4,396,944 in 2012-13, representing approximately 1.9 times the contributions of 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, estimated as at the date of these statements, is as follows:

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Accrued benefit obligation, beginning of year $ 7,470 $ 7,009
Expense for the year 1,931 691
Expected benefits payments during the year (2,353) (709)
Transferred to other government department
effective November 15, 2011 (note 14)
(39) -
Accrued benefit obligation, end of the year $ 7,009 $ 6,991

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11. 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:

  2013 2014 2015 2016 2017 and
thereafter
Total
(in thousands of dollars)
Transfer Payments
Alberta & Saskatchewan centenaries $ 4,000 $ - $ - $ - $ - $ 4,000
Core programming 60,062 21,542 1,114 - - 82,718
Rick Hansen Foundation 4,500 - - - - 4,500
Total estimated future commitments $ 68,562 $ 21,542 $ 1,114 $ - $ - $ 91,218

12. Related party transactions

WD is related as a result of common ownership to all Government of Canada 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 receives services 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 Future-oriented Statement of Operations as follows:

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Employer's contribution to the health and dental insurance plan $ 2,933 $ 3,042
Accommodation 3,562 3,353
Legal services 96 82
Workers' Compensation 37 37
Total $ 6,628 $ 6,514

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 Future-oriented 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 that will be administered by WD over the next two fiscal years. These grant and contribution expenses are reflected in the financial statements of the other government departments and not those of WD.

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Building Canada Fund (Community Component) $ 105,681 $ 104,749
Canada Strategic Infrastructure Fund - Infrastructure Canada 14,761 47,085
Municipal Rural Infrastructure Fund - Infrastructure Canada 28,676 6,752
Total $ 149,118 $ 158,586

(c) Other transactions with related parties:

  Estimated Results 2012 Planned Results 2013
(in thousands of dollars)
Expenses- Other Government Departments and Agencies $ 2,885 $ 2,854

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13. 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 4. The following table presents the forecasted expenses incurred and forecasted 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:

  2012 Total 2013
Business Development Innovation Community Economic Development Policy, Advocacy and Coordination Internal Services Total
(in thousands of dollars)
Transfer payments
Non-profit organizations $ 116,595 $ 44,826 $ 47,285 $ 13,356 $ 832 $ - $ 106,299
Other levels of governments within Canada 14,936 5,366 5,660 1,627 100 - 12,753
Industry 7,303 3,178 2,884 728 51 - 6,841
Repaid contributions (3,704) - - (4,184) - - (4,184)
Total transfer payments 135,130 53,370 55,829 11,527 983 - 121,709
Operating expenses
Salaries and employee benefits 39,646 7,047 4,202 3,397 5,509 16,828 36,983
Professional and special services 9,295 1,261 752 608 986 3,019 6,626
Transportation and communication 3,729 725 433 349 567 1,736 3,810
Accommodation 3,562 638 381 308 499 1,527 3,353
Acquisition of machinery and equipment 1,087 391 233 188 305 935 2,052
Rentals 1,050 130 78 63 102 313 686
Utilities, materials and supplies 696 109 65 53 86 261 574
Amortization of tangible capital assets 568 17 - - - 484 501
Information 350 71 43 34 56 171 375
Repairs and maintenance 532 39 23 19 30 92 203
Bad debts 1,999 - - 144 - - 144
Other 99 17 10 8 14 40 89
Total operating expenses 62,613 10,445 6,220 5,171 8,154 25,406 55,396
Total expenses 197,743 63,815 62,049 16,698 9,137 25,406 177,105
Revenues
Amortization of discount on repayable contributions 2,201 - 6 476 - 4 486
Interest 71 8 - - - - 8
Other fees and charges (compensatory repayments) 3 - - - - - -
Total revenues 2,275 8 6 476 - 4 494
Net cost from continuing operations $ 195,468 $ 63,807 $ 62,043 $ 16,222 $ 9,137 $ 25,402 $ 176,611

14. Transfers from/to other government departments

Effective November 15, 2011 WD transferred responsibility for providing email, data centre, and network services to Shared Services Canada in accordance with OIC 2011-1297 including the stewardship responsibility for the assets and liabilities related to those services. Accordingly, WD transferred the following assets and liabilities related to providing email, data centre, and network services to Shared Services Canada on November 15, 2011.

  (in thousands of dollars)
Assets
Tangible capital assets (net book value) (Note 8)
Transferred to Shared Services Canada $ 165
Transferred to Canadian Environmental Assessment Agency 30
  195
 
Liabilities
Accounts Payable and Accrued Liabilities 92
Vacation pay and compensatory leave 30
Employee future benefits (note 10) 39
  161
Adjustment to Equity of Canada $34

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15. Comparative information

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