Town of Berwick Berwick, Nova Scotia March 31, 2010 Financial Statements
AI summary The document presents the financial statements of the Town of Berwick, dated March 31, 2010. It includes key financial data and reports on the town's financial position and performance at that time.
Auditors' Report To His Worship the Mayor and Members of the Town Council of the Town of Berwick We have audited the consolidated statement of financial position of the Town of Berwick as at March 31, 2010, and the consolidated statements...
AI summary The auditors' report confirms that the consolidated financial statements of the Town of Berwick as of March 31, 2010, are presented fairly in accordance with Canadian generally accepted accounting principles. The audit was conducted in accordance with Canadian auditing standards to ensure the financial statements are free of material misstatement.
1. Significant Accounting Policies
AI summary This section outlines the significant accounting policies relevant to the regulatory proceeding, focusing on financial reporting standards and practices applicable to the entity under review.
Basis of Presentation The consolidated financial statements of the Town of Berwick are prepared in accordance with generally accepted accounting principals for local governments, as recommended by the Public Sector Accounting Board (PSAB)...
AI summary The consolidated financial statements of the Town of Berwick are prepared in accordance with generally accepted accounting principles for local governments, as recommended by the Public Sector Accounting Board. These statements include various funds and reflect the financial position of the reporting entity after eliminating interdepartmental transactions.
Basis of Accounting The financial statements have been prepared using the accrual basis of accounting.
AI summary The financial statements are prepared using the accrual basis of accounting, which recognizes revenues and expenses when they are incurred rather than when cash is exchanged.
Change in Accounting Policy The Town of Berwick adopted the new requirements of the PSAB handbook section PS1200 Financial Statement Presentation and PS 3150 Tangible Capital Assets for the fiscal year beginning April 1, 2009. As a result,...
AI summary The Town of Berwick implemented new accounting standards from the PSAB handbook, affecting financial statement presentation and the amortization of tangible capital assets starting April 1, 2009. These changes also impacted the treatment of long-term debt and restated prior year financial data.
Non-Financial Assets Non-financial assets are not available to discharge existing liabilities and are held for use in the provision of services. They have useful lives extending beyond the current year and are not intended for sale in the...
AI summary Non-financial assets are held for service provision, not for sale, and their changes, along with excess revenues over expenses, determine the consolidated Change in Net Financial Assets for the year.
1. Significant Accounting Policies (continued)
AI summary This section continues the discussion on significant accounting policies, likely including details on financial reporting standards and practices relevant to the regulatory proceeding.
Valuation allowances The Town provides a valuation allowance for estimated losses that will be incurred in collecting receivables outstanding. In the electric utility, a valuation allowance is provided for estimated losses that will be inc...
AI summary The Town provides a valuation allowance for estimated losses from uncollectible receivables, specifically in the electric utility sector for rates receivable outstanding.
Use of Estimates The preparation of the financial statements in conformity with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities...
AI summary The financial statements require management to make estimates and assumptions that affect reported amounts. Key estimates include the allowance for doubtful accounts and the estimated useful life of tangible capital assets, with actual results potentially differing from these estimates.
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