Financial Statements (Unaudited) For the Year Ended March 31, 2012
Table of Contents
- Statement of Management Responsibility
- Statement of Financial Position (Unaudited) at March 31, 2012
- Statement of Operations and Departmental Net Financial Position (Unaudited) for the year ended March 31, 2012
- Statement of Change in Departmental Net Debt (Unaudited) at March 31, 2012
- Statement of Cash Flow (Unaudited) at March 31, 2012
- Notes to the Financial Statements (Unaudited)
- Note 1. Authority and Objectives
- Note 2. Summary of Significant Accounting Policies
- Note 3. Parliamentary Appropriations
- Note 4. Accounts payable and accrued liabilities
- Note 5. Employee future benefits
- Note 6. Accounts receivable and advances
- Note 7. Tangible Capital Assets
- Note 8. Contractual Obligations
- Note 9. Related Party Transactions
- Note 10. Transfers to other government departments
- Note 11. Segmented information
- Note 12. Accounting changes and change in accounting policy
- Note 13. Comparative information
Statement of Management Responsibility
Statement of Management Responsibility Including Internal Control Over Financial Reporting
Responsibility for the integrity and objectivity of the accompanying financial statements for the year ended March 31, 2012, and all information contained in these statements rests with the management of Infrastructure Canada. These financial statements have been prepared by management using the Government's accounting policies, which are based on Canadian public sector accounting standards.
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 Infrastructure Canada's financial transactions. Financial information submitted in the preparation of the Public Accounts of Canada, and included in Infrastructure Canada'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 (ICFR) 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 Infrastructure Canada and through conducting an annual risk-based assessment of the effectiveness of the system of ICFR.
The system of ICFR is designed to mitigate risks to a reasonable level based on an ongoing process to identify key risks, to assess effectiveness of associated key controls, and to make any necessary adjustments.
A risk-based assessment of the system of ICFR for the year ended March 31, 2012 was completed in accordance with the Treasury Board Policy on Internal Control and the results and action plans are summarized in the annex.
The effectiveness and adequacy of Infrastructure Canada's system of internal control is reviewed by the work of internal audit staff, who conduct periodic audits of different areas of Infrastructure Canada's operations, and by the Departmental Audit Committee, which oversees management's responsibilities for maintaining adequate control systems and the quality of financial reporting, and which recommends the financial statements to the Deputy Head of Infrastructure Canada.
The financial statements of Infrastructure Canada have not been audited.
Original signed by:
Yaprak Baltacıoğlu
Deputy Head
David Miller
Acting Chief Financial Officer
Statement of Financial Position (Unaudited)
At March 31, 2012
(in thousands of dollars)
2012 Actuals |
2011 Restated (note 12. Accounting changes and change in accounting policy) |
|
---|---|---|
Liabilities | ||
Accounts payable and accrued liabilities (note 4. Accounts payable and accrued liabilities) | 691,249 | 1,774,249 |
Vacation pay and compensatory leave | 1,303 | 2,430 |
Employee future benefits (note 5. Employee future benefits) | 4,244 | 7,019 |
Total liabilities | 696,796 | 1,783,698 |
Financial assets | ||
Due from Consolidated Revenue Fund | 544,862 | 1,716,604 |
Accounts receivable and advances (note 6. Accounts receivable and advances) | 178,956 | 57,639 |
Total financial assets | 723,818 | 1,774,243 |
Departmental net debt/financial asset | (27,022) | 9,455 |
Non-Financial assets | ||
Prepaid expenses (note 13. Comparative information) | - | 4,996 |
Tangible capital assets (note 7. Tangible Capital Assets) | 5,168 | 5,881 |
Total non-financial assets | 5,168 | 10,877 |
Departmental net financial position | 32,190 | 1,422 |
Contractual obligations (note 8. Contractual Obligations)
The accompanying notes form an integral part of these financial statements.
Original signed by:
Yaprak Baltacıoğlu
Deputy Head
David Miller
Acting Chief Financial Officer
Statement of Operations and Departmental Net Financial Position (Unaudited)
For the Year Ended March 31, 2012
(in thousands of dollars)
2012 Planned Results |
2012 Acutals |
2011 Restated (note 12. Accounting changes and change in accounting policy) |
|
---|---|---|---|
Expenses | |||
Gas Tax Fund | 1,995,952 | 2,207,195 | 1,752,031 |
Building Canada Fund – Major Infrastructure Component | 1,256,873 | 761,378 | 405,133 |
Infrastructure Stimulus Fund | 793,400 | 542,065 | 2,407,069 |
Building Canada Fund – Communities Component | 302,703 | 215,208 | 224,521 |
Provincial-Territorial Infrastructure Base Fund | 629,883 | 188,940 | 437,394 |
Canada Strategic Infrastructure Fund | 431,443 | 170,058 | 330,954 |
Building Canada Fund – Communities Component Top-Up | 160,829 | 133,388 | 303,606 |
Municipal Rural Infrastructure Fund | 129,517 | 88,175 | 146,396 |
Internal Services | 48,713 | 41,281 | 63,480 |
Border Infrastructure Fund | 47,204 | 35,039 | 66,114 |
Green Infrastructure Fund | 81,346 | 31,308 | 34,651 |
Economic Analysis and Research | 1,700 | 4,932 | 1,495 |
G8 | - | - | 4,571 |
National Trails Coalition | - | (2) | (633) |
Total expenses | 5,839,563 | 4,418,965 | 6,176,782 |
Revenues | |||
Revenues earned on behalf of Government | - | - | 7 |
Net Cost of Operations from continuing operations | 5,839,563 | 4,418,965 | 6,176,775 |
Transferred operations | |||
Expenses (note 10. Transfers to other government departments) | - | 1,600 | - |
Net cost of transferred operations | - | 1,600 | - |
Net cost of operations before government funding and transfers | 5,839,563 | 4,420,565 | 6,176,775 |
Government funding and transfers | |||
Net cash provided by Government | 5,620,199 | 4,870,975 | |
Change in due from Consolidated Revenue Fund | (1,171,742) | 1,279,442 | |
Services provided without charge by other government departments (note 9. Related Party Transactions) | 2,876 | 3,308 | |
Net cost of operations after government funding and transfers | (30,768) | 23,050 | |
Departmental net financial position – Beginning of year | 1,422 | 24,472 | |
Departmental net financial position – End of year | 32,190 | 1,422 |
Segmented Information (note 11. Segmented information)
The accompanying notes form an integral part of these financial statements.
Statement of Change in Departmental Net Debt (Unaudited)
At March 31, 2012
(in thousands of dollars)
2012 Actuals |
2011 Restated (note 12. Accounting changes and change in accounting policy) |
|
---|---|---|
Net cost of operations after government funding transfers | (30,768) | 23,050 |
Change due to capital assets | ||
Acquisition of tangible capital assets | 1,807 | 7,065 |
Amortization of tangible capital assets | (2,520) | (7,957) |
Total change due to tangible capital assets | (713) | (892) |
Total change due to prepaid expenses | (4,996) | (19,550) |
Net increase (decrease) in departmental net debt | (36,477) | 2,608 |
Departmental net debt/financial asset – Beginning of year | 9,455 | 6,847 |
Departmental net debt/financial asset – End of year | (27,022) | 9,455 |
The accompanying notes form an integral part of these financial statements.
Statement of Cash Flow (Unaudited)
At March 31, 2012
(in thousands of dollars)
2012 Actuals |
2011 Restated (note 12. Accounting changes and change in accounting policy) |
|
---|---|---|
Operating activities | ||
Net cost of operations before government funding and transfer | 4,420,565 | 6,176,775 |
Non-cash items: | ||
Amortization of tangible capital assets | (2,520) | (7,957) |
Services provided without charge by other government departments (note 9. Related Party Transactions) | (2,876) | (3,308) |
Variations in Statement of Financial Position: | ||
Increase (decrease) in receivables and advances | 121,317 | (53,842) |
Increase (decrease) in accounts payable and accrued liabilities | 1,083,000 | (1,245,155) |
Increase (decrease) in vacation pay and compensatory leave | 1,127 | (1,213) |
Increase (decrease) in employee future benefits | 2,775 | (1,390) |
Cash used by operating activities | 5,623,388 | 4,863,910 |
Capital investment activities: | ||
Acquisition of tangible capital assets (note 7. Tangible Capital Assets) | 1,807 | 7,065 |
Prepaid expenses (note 13. Comparative information) | (4,996) | - |
Cash used in capital investing activities | (3,189) | 7,065 |
Net cash provided by Government of Canada | 5,620,199 | 4,870,975 |
The accompanying notes form an integral part of these financial statements.
Notes to the Financial Statements (Unaudited)
For the Year Ended March 31, 2012
1. Authority and Objectives
The Office of Infrastructure of Canada (INFC) was created in 2002 as a separate organization under Schedule I.1 of the Financial Administration Act. The applied name for this organization is Infrastructure Canada.
The department is funded through annual appropriations received from the Parliament of Canada and is not taxable under the provisions of the Income Tax Act. INFC reports to the Minister of Transport, Infrastructure and Communities.
INFC was established to lead the Government of Canada's effort to address infrastructure challenges through strategic investments in provincial, territorial and municipal assets, engagement in key partnerships, and the development and implementation of sound policies. Order in Council 2004-325 authorizes the Minister to enter into transfer payment agreements and contracts related to infrastructure initiatives in Canada.
INFC delivers its mandate under three strategic outcomes and internal services. The program activities under the outcome titled Construction-ready infrastructure projects are provided with federal funding support were completed in 2011-12 and these programs are included only to document forecasted spending for 2011-12. INFC outcomes are described below.
Provinces, territories and municipalities have federal financial support for their infrastructure priorities: Provides federal transfers to provincial, territorial and municipal governments for their infrastructure priorities in order to help maintain a high level of quality core public infrastructure across the country. The program activities under this strategic outcome are: Provincial-Territorial Infrastructure Base Fund and Gas Tax Fund.
Funding for quality, cost-effective public infrastructure that meets the needs of Canadians in a competitive economy, a cleaner environment and liveable communities is provided: Provides targeted project-specific investments to address federal/provincial priorities in both large and small communities as well as large strategic investments of national and regional benefit. The program activities under this strategic outcome are: Building Canada Fund-Communities Component, Building Canada Fund-Major Infrastructure Component, Green Infrastructure Fund, Canada Strategic Infrastructure Fund, Municipal Rural Infrastructure Fund, Border Infrastructure Fund and Economic Analysis and Research.
Construction-ready infrastructure projects are provided with federal funding support: Provides timely, temporary and targeted funding to construction-ready projects to support short-term economic stimulus under the Economic Action Plan. The program activities under this strategic outcome are: Infrastructure Stimulus Fund, and Building Canada Fund-Communities Component Top-Up. These activities were completed in 2011-12.
Internal Services: Internal Services are groups of activities and resources that are administered to support the needs of programs and other corporate obligations of INFC. Internal Services include only those activities and resources that apply across INFC, not those provided specifically to a program.
2. Summary of Significant Accounting Policies
These financial statements have been prepared using the Government's accounting policies stated below, which are based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.
Significant accounting policies are as follows:
- Parliamentary appropriations – INFC is financed by the Government of Canada through Parliamentary authorities. Financial reporting of authorities provided to INFC 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 Departmental Net Financial Position are not necessarily the same as those provided through authorities from Parliament. Note 3 provides a reconciliation between the bases of reporting. The planned results amounts in the Statement of Operations and Departmental Net Financial Position are the amounts reported in the future-oriented financial statements included in the 2011-12 Report on the Plans and Priorities.
- Net Cash Provided by Government - INFC operates within the Consolidated Revenue Fund (CRF), which is administered by the Receiver General for Canada. All cash received by INFC is deposited to the CRF and all cash disbursements made by INFC 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.
- Amounts due from or 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 INFC is entitled to draw from the CRF without further appropriations to discharge its liabilities.
- Revenues are accounted for in the period in which the underlying transaction or event that gave rise to the revenue takes place.
- Expenses – Expenses are recorded on an accrual basis:
- Transfer payments are recorded as expenses when authorization for the payment exists and the recipient has met the eligibility criteria or the entitlements established for the transfer payment program.
- Vacation pay and compensatory leave are accrued as the benefits are earned by employees under their respective terms of employment;
- Services provided without charge by other government departments for accommodation, and employer contributions to the health and dental insurance plans are recorded as operating expenses at their estimated cost.
- Employee future benefits:
- Pension benefits: Eligible employees participate in the Public Service Pension Plan (Public Service Superannuation Act), a multi-employer plan administered by the Government. INFC's contributions to the Plan are charged to expenses in the year incurred and represent the total departmental obligation to the Plan. INFC'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.
- Severance benefits: Employees entitled to severance benefits under labour contracts or conditions of employment earn these benefits as services necessary to earn them are rendered. 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.
- Accounts receivable and advances (including prepaid expenses) are stated at the lower of cost and net recoverable value; a valuation allowance is recorded for receivables where recovery is considered uncertain.
- Tangible capital assets – All tangible capital assets and leasehold improvements having an initial cost of $10,000 or more are recorded at their acquisition cost. INFC 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 Informatics Hardware 5 to 10 years Informatics Software – Purchansed and Developed 3 to 7 years Leasehold improvements period of lease - 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 the liability for employee severance benefits and the useful life of tangible capital assets. 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.
3. Parliamentary Appropriations
INFC receives most of its funding through annual parliamentary authorities. Items recognized in the Statement of Operations and Departmental Net Financial Position and the Statement of Financial Position in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, INFC 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 appropriations used
(in thousands of dollars)
2012 | 2011 | |
---|---|---|
Net cost of operations before government funding and transfers | 4,420,565 | 6,176,775 |
Adjustments for items affecting net cost of operations but not affecting authorities: | ||
Amortization of tangible capital assets | (2,520) | (7,957) |
Services provided without charge by other government departments | (2,876) | (3,308) |
Increase (Decrease) in vacation pay and compensatory leave | 1,127 | (1,213) |
Increase (Decrease) in employee future benefits | 2,775 | (1,390) |
Bad debt expense | - | (3) |
Other charges not charged to the authorities | 22 | 40 |
Refunds of previous year's expenditures | 125,794 | 101,325 |
Revenues earned on behalf of Government | - | 7 |
Total items affecting net cost of operations but not affecting authorities | 4,544,887 | 6,264,276 |
Adjustments for items not affecting net cost of operations but affecting authorities: | ||
Acquisitions of tangible capital assets | 1,807 | 7,065 |
Increase in prepaid expenses | (4,984) | (19,550) |
Total items affecting net cost of operations but not affecting authorities | (3,177) | (12,485) |
Current year authorities used | 4,541,710 | 6,251,791 |
b) Authorities provided and used
(in thousands of dollars)
Authorities provided | 2012 | 2011 |
---|---|---|
Vote 55 – Operating Expenditures | 64,980 | 64,892 |
Vote 60 – Contributions | 5,956,581 | 7,280,064 |
Statutory Amounts | ||
Employee Benefit Plan | 5,108 | 4,962 |
Infrastructure Stimulus Fund | 92,041 | 1,461,666 |
Provincial-Territorial Infrastructure Base Funding Program Accelerated | 157,508 | 158,109 |
Building Canada Fund – Communities Component of the Top Up | - | 219,955 |
Green Infrastructure Fund | 29,776 | 33,537 |
Less: | ||
Authorities available for future years | ||
Lapsed Operating | (4,792) | (1,457) |
Lapsed Contributions | (1,759,482) | (2,969,937) |
Current year appropriations used | 4,541,710 | 6,251,791 |
4. Accounts payable and accrued liabilities
(in thousands of dollars)
2012 | 2011 | |
---|---|---|
Accounts Payable – Other government departments and agencies | 247 | 527 |
Accounts Payable – External parties | 690,797 | 1,773,617 |
Total accounts payable | 691,044 | 1,774,144 |
Accrued Liabilities | 205 | 105 |
Total accounts payable and accrued liabilities | 691,249 | 1,774,249 |
5. Employee future benefits
a) Pension benefits
INFC'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 INFC contribute to the cost of the Plan. The 2011-12 expense amounts to $3,672,649 ($3,483,615 in 2010-11), which represents approximately 1.8 times (1.9 in 2010-11) the contributions by employees.
INFC'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
INFC provides severance benefits to its employees based on eligibility, years of service and salary at termination of employment. 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:
As part of collective agreement negotiations with certain employee groups, and changes to conditions of employment for executives and certain non-represented employees, the accumulation of severance benefits under the employee severance pay program ceased for these employees commencing in 2012. Employees subject to these changes have been given the option to be immediately paid the full or partial value of benefits earned to date or collect the full or remaining value of benefits on termination from the public service. These changes have been reflected in the calculation of the outstanding severance benefit obligation.
(in thousands of dollars)
2012 Actuals |
2011 Restated (note 12. Accounting changes and change in accounting policy) |
|
---|---|---|
Accrued benefit obligation – Beginning of year | 7,019 | 5,629 |
Expense for the year | (2,415) | 1,530 |
Benefits paid during year | (360) | (140) |
Accrued benefit obligation – End of year | 4,244 | 7,019 |
6. Accounts receivable and advances
(in thousands of dollars)
2012 | 2011 | |
---|---|---|
Receivables – Other government departments and agencies | 178,947 | 57,638 |
Advances – Employees | 9 | 1 |
Total accounts receivable and advances | 178,956 | 57,639 |
Funds are advanced to other Federal Government departments and agencies such as Transport Canada and the Regional Development Agencies during the fiscal year for the administration of programs on behalf of INFC. An account receivable is recorded for the unused portion that will be returned to INFC after year end.
7. Tangible Capital Assets
(in thousands of dollars)
Click here to see the table of Tangible Capital Assets
8. Contractual Obligations
(in thousands of dollars)
Click here to see the table of Contractual Obligation
9. Related Party Transactions
INFC is related as a result of common ownership to all Government departments, agencies, and Crown corporations. INFC enters into transactions with these entities in the normal course of business and on normal trade terms. During the year, INFC 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, INFC received services without charge from certain common service organizations, related to accommodation and the employer's contribution to the health and dental insurance plans. These services provided without charge have been recorded in INFC's Statement of Operations and Departmental Net Financial Position as follows:
(in thousands of dollars)
2012 | 2011 | |
---|---|---|
Employer's contribution to the health and dental insurance plan | 2,753 | 2,617 |
Accommodation | 123 | 691 |
Total | 2,876 | 3,308 |
The Government has centralized some of its administrative activities for efficiency and 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, are not included as an expense in INFC's Statement of Operations and Departmental Net Financial Position.
b) Other transactions with related parties
(in thousands of dollars)
2012 | 2011 | |
---|---|---|
Accounts receivable – Other government departments and agencies | 178,947 | 57,638 |
Accounts payable – Other government departments and agencies | 247 | 527 |
Expenses – Other government departments and agencies | 14,746 | 18,597 |
10. Transfers to other government departments
Effective November 15, 2011, INFC transferred responsibility for the delivery of information technology services to Shared Service Canada (SSC) in accordance with Order-in-Council numbers 2011-0877 and 2011-1297, including the stewardship responsibility for the assets and liabilities related to the program.
The 2011 comparative figures have been reclassified on the Statement of Operations and Departmental Net Financial Position to present the revenues and expenses of the transferred operations.
During the transition period form November 15, 2011 to March 31, 2012, INFC continued to administer the transferred activities on behalf of Shared Service Canada. The administered expenses amounted to $1.6 million respectively, for the year. These revenues and expenses are not recorded in these financial statements.
11. Segmented information
Click here to see the table of Segmented Information
12. Accounting changes and change in accounting policy
During 2011, amendments were made to Treasury Board Accounting Standard 1.2—Departmental and Agency Financial Statements to improve financial reporting by government departments and agencies. The amendments are effective for financial reporting of fiscal years ending March 31, 2012, and later. The significant changes to INFC's financial statements are described below. These changes have been applied retroactively, and comparative information for 2010-11 has been restated.
Net debt (calculated as liabilities less financial assets) is now presented in the Statement of Financial Position. Accompanying this change, INFC now presents a Statement of Change in Net Debt and no longer presents a Statement of Equity.
Revenue and related accounts receivable are now presented net of non‐respendable amounts in the Statement of Operations and Departmental Net Financial Position and in the Statement of Financial Position. The effect of this change was to increase the net cost of operations after government funding and transfers by $7,000 in 2011 (no change for 2012), with no effect on total financial assets.
Government funding and transfers, as well as the credit related to services provided without charge by other government departments are now recognized in the Statement of Operations and Departmental Net Financial Position below Net cost of operations before government funding and transfers. In previous years, INFC recognized these transactions directly in the Statement of Equity of Canada. The effect of this change was to decrease the net cost of operations after government funding and transfers by $4,451 million for 2012 ($6,153 million for 2011).
(in thousands of dollars)
2011 As previously stated |
Effect of changes | 2011 Restated |
|
---|---|---|---|
Statement of Financial Position: | |||
Liabilities held on behalf of Government | - | - | - |
Assets held on behalf of Government | - | - | - |
Department net financial position | 1,422 | - | 1,422 |
Statement of Operations and Departmental Net Financial Position: | |||
Expenses | 6,176,782 | - | 6,176,782 |
Revenues | 7 | - | 7 |
Government funding and transfers | |||
Net cash provided by Government | - | 4,870,975 | 4,870,975 |
Change in due from Consolidated Revenue Fund | - | 1,279,442 | 1,279,442 |
Services provided without charge by other government departments | - | 3,308 | 3,308 |
Transfer of assets and liabilities from (to) government departments | - | - | - |
13. Comparative information
Comparative figures have been reclassified to conform to the current year's presentation. Furthermore, the prepaid expenses line item is now being classified separately as opposed to being consolidated into the Accounts receivable line item, as reported last fiscal year. This conforms to the new Treasury Board Accounting Standard 1.2—Departmental and Agency Financial Statements.
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