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- Effective April 1, 2007 the Corporation adopted the Canadian Institute of Chartered Accountants' Handbook Section 3855 - Financial Instruments - Recognition and Measurement, Section 3861 - Financial Instruments - Disclosure and Presentation and Section 1530 - Comprehensive Income. The adoption of the accounting policy has been applied prospectively without restatement of the prior year's amounts.
All of the Corporation's loans to clients and amounts due to the Province of Nova Scotia are classified as receivables and loans and are accounted for on the amortized cost basis. This classification is consistent with the classification under the prior accounting standard.
All of the Corporation's publicly traded equity investments have been recorded as available-for-sale and this has resulted in an increase of $745 to opening accumulated other comprehensive income. The adoption of the accounting policies resulted in an unrealized gain on available-for-sale securities of $91 being recorded in the statement of comprehensive income in the year ended March 31, 2008.
- The following summarizes a future accounting change that will be relevant to the Corporation's financial statements subsequent to March 31, 2008:
The CICA has issued two new accounting standards, Section 3862 - Financial Instruments - Disclosures and Section 3863 - Financial Instruments - Presentation, on financial instruments that revise and enhance the current disclosure requirements but do not change the existing presentation requirements for financial instruments. These new standards will be effective for the Corporation commencing April 1, 2008. The new disclosures will provide additional information on the nature and extent of risks arising from financial instruments to which the Corporation is exposed and how it manages those risks.
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