Topic:"Accounting Standards" in M13050

1. Significant Accounting Policies Nature of Operations Town of Mahone Bay Electric Utility (the "Utility") was founded in 1919 and operates under the Utility and Review Board Act of Nova Scotia. The Utility is engaged in the business of p...

AI summary The document outlines the significant accounting policies of the Town of Mahone Bay Electric Utility, including its basis of accounting, differences from Canadian Public Sector Accounting Standards, and how certain financial items are reported. The Utility operates under the Utility and Review Board Act of Nova Scotia and prepares financial statements in accordance with the Financial Reporting Framework set by the Nova Scotia Utility and Review Board.

Financial Instruments Cash and equity instruments quoted in an active market are measured at fair value. Rates receivable, accounts payable and accrued liabilities, and long-term debt are measured at cost or amortized cost. For financial i...

AI summary The document outlines the measurement and accounting treatment of financial instruments, including cash and equity instruments, rates receivable, accounts payable, and long-term debt. It specifies that financial assets are tested annually for impairment and that transaction costs are handled differently based on the measurement method used.

The risk has increased from the prior year because of the increase in accounts receivable. As at March 31 2025 2024 Rates receivable, net of prepayments Less: Impairment Allowance Total Rates receivable, net of prepayments Less: Impairment...

AI summary The risk has increased from the prior year due to an increase in accounts receivable. Tables show detailed breakdowns of rates receivable and impairment allowances for 2025 and 2024.