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Accounting Standards Transition

On January 1, 2012, the Foundation adopted Canadian public sector accounting standards. The Foundation has elected to apply accounting standards for government not-for-profit organizations. These are the first financial statements prepared in accordance with these Canadian public sector accounting standards.

In accordance with the transitional provisions in Canadian public sector accounting standards, the Foundation has adopted the changes retrospectively, subject to certain exemptions allowed under these standards. The transition date is January 1, 2011 and all comparative information provided has been presented by applying Canadian public sector accounting standards.

There were no adjustments recorded to deferred contributions as at January 1, 2011 or to the excess of revenue over expenditures for the year ended December 31, 2011 as a result of the transition to Canadian public sector accounting standards.

1. Significant accounting policies:

The financial statements have been prepared by management in accordance with Canadian public sector accounting standards including the 4200 standards for government not-for-profit organizations:

(a) Revenue recognition:

The Foundation follows the deferral method of accounting for contributions whereby contributions, including grants received and interest earned on the invested amounts are deferred and recognized as revenue as expenses and project disbursements are incurred.

(b) Project disbursements:

Project disbursements are recognized as the awarded grants are disbursed.

(c) Capital assets:

Capital assets are recorded at cost. Amortization is provided on a straight-line basis over the assets’ estimated useful lives using the following annual rates:

Asset Rate

Computer hardware 30% Computer software 50% Office furniture and equipment 20%

Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term or their estimated useful lives.

When a capital asset no longer contributes to the Foundation’s ability to provide services, its carrying amount is written down to its residual value.

28 SDTC 2012 Annual Report

Auditors’ Report & Financials

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