Chapter 18 - Version Tracking Summary Table

The revision includes the following changes:

1. Form CC-1 has been revised to add a line for allowance for doubtful accounts and a line for long-term receivables.
2. Form CC-2 has been revised to add a line for non-controlling interest.
3. Form CC-2b-1 has been revised to add a section for the reconciliation of future benefit asset (liability).
4. Forms CC-2b-1, CC-2b-2, CC-2b-3 and CC-2b-5 have been revised to segregate pension plans between funded plans and unfunded plans.
5. Form CC-2d has been revised to add a section for contingent liabilities related to contaminated sites.
6. Form CC-3c has been created to segregate other comprehensive income (loss) between non-reclassifying to profit/loss and reclassifying to profit/loss.
7. Form CC-4 has been revised to add a line for other comprehensive income (loss) non-reclassifying to profit (loss) for current year in the statement of accumulated profits/losses or net assets/liabilities.
8. Form CC-4b has been revised to add a line for other comprehensive income (loss) reclassifying to profit (loss) for current year in the statement of Accumulated Other Comprehensive Income (Losses).
9. Forms CC-5, CC-5a and CC-5c have been revised to remove the intangible capital assets.
10. Form CC-6a has been revised to add a categories heading in the section of contractual obligations.

This revision includes clarification of the reporting requirements for consolidated Crown corporations which have adopted International Financial Reporting Standards (IFRS) as their basis of accounting. These entities must report financial information based upon Public Sector Accounting Standards (PSAS) for the values of balances and transactions recorded for the year ended March 31, 2012 and subsequent quarters based on the Government of Canada's fiscal year (April 1 to March 31). A reconciliation between the entity's financial statement components reported under IFRS and the financial information reported on Crown corporation (CC) Forms under PSAS must be identified and described on Form CC-8, along with the amount of the impact on the financial statement components.

This revision also includes the following changes:

1. The transmittal Memorandum has been modified to gather information on the entity's basis of accounting;
2. Forms CC-1, CC-1a, CC-2 and CC-2a have been revised to segregate assets and liabilities held with consolidated entities or with enterprise Crown corporations and other government business enterprises;
3. Forms CC-2b-1 to CC-2b-3 have been revised and Forms CC-2b-4 and CC-2b-5 have been created to collect additional information on pension plans and other employee future benefits;
4. Form CC-2e has been created to collect more information on borrowings and notes payable with the Government of Canada;
5. Form CC-4b has been revised to include the new statement of accumulated remeasurement gains or losses for those entities who early adopted PSAS 3450 - Financial Instruments, PSAS 2601 - Foreign Currency Translation, as well as PSAS 1201 - Financial Statement Presentation;
6. Forms CC-5 and CC-5a have been modified to include a new column for work in progress transferred to capital assets categories;
7. Form CC-6c is now included with CC-6b;
8. A new column has been added to Form CC-7 to report the amount associated with the financial statement components of each change in accounting policies or unusual transactions; and,
9. A new Form CC-12 has been added to list all Crown corporations and other reporting entities which are included in the Government reporting entity.

This revision includes the reporting requirements for Crown corporations and other reporting entities with December 31 year-ends that are transitioning to the International Financial Reporting Standards (IFRS) starting on January 1, 2011. These entities, for the purpose of consolidation into the Public Accounts of Canada, will continue to report under their old accounting standards (pre-changeover accounting standards) for the government's year ended March 31, 2011.

Furthermore, consolidated Crown corporations that are transitioning to IFRS must report based upon Public Sector Accounting Standards (PSAS) for the values of balances and transactions from April 1, 2011 to the end of each subsequent quarter until the quarter ending December31, 2011. Reconciliation between IFRS and PSAS must also be described on the new Form CC-8 with the impact on the financial statements components.

This revision also includes the following changes:

1. The section concerning the maturity of obligations related to capital leases on Form CC-5a has been modified to collect information on the imputed interest included in the remaining payments to be included in the Public Accounts of Canada;
2. The supplementary information on borrowings (Form CC-6) has been revised to collect detailed information on borrowing instruments held by consolidated entities; and,
3. Additional information on contingent liabilities (Form CC-6a) is now requested (amount recorded as a liability vs. disclosure).