Topic:"Regulatory Compliance" in M03154

COMPLIANCE 06 Where there is no specific accounting policy, NSPI will follow the applicable sections of the CICA Handbook. Deleted: ¶

AI summary NSPI states it will adhere to the CICA Handbook's applicable sections when no specific accounting policy exists. The text highlights compliance with accounting standards as a key procedural requirement.

PROCEDURES 03 The Committee is responsible for ensuring that appropriate internal control procedures are in place and requires management to implement and maintain the appropriate systems and assesses the adequacy and effectiveness of thos...

AI summary The Committee oversees internal control procedures, ensuring systems are effective. It meets quarterly with management and auditors to review financial practices, investment policies, and documents like annual reports and audited financial statements.

GENERAL - 01 Nova Scotia Power Inc. (NSPI) is the primary operating subsidiary of Emera Inc, a diversified energy company based in Halifax, Nova Scotia. Emera invests in electricity generation, transmission and distribution as well as gas...

AI summary Nova Scotia Power Inc. (NSPI), a subsidiary of Emera Inc., outlines its corporate cost allocation policies, ensuring fair distribution of support services and general expenses among NSPI and its affiliates. The policy aligns with the Code of Conduct's Section 6.11, which mandates equitable allocation based on the nature of corporate services.

GENERAL 01 The Company retains sufficient records to satisfy all legal, regulatory, financial, taxation and statistical requirements. These records are situated at head office and field locations as well as the third party record retention...

AI summary The company maintains comprehensive records at head office, field locations, and third-party facilities to meet legal, regulatory, financial, taxation, and statistical requirements.

POLICIES - 02 Source documents including, but not limited to, purchase orders, invoices, cancelled cheques, requests for cheques, Local Purchase Orders and receipts should be retained for a minimum of seven years to comply with income tax...

AI summary The document outlines retention policies for financial and internal documents, specifying seven-year storage for source documents and two years for internal non-financial documents, with exceptions for external auditors requiring one year of historical data. Storage media include printed, microfiche, and electronic formats.

PROCEDURES - 16 Hedge accounting should apply to all TUC hedging activities in order to ensure gains, losses, revenues and expenses on hedging and hedged items are recognized in the same period(s). - 17 To ensure the proper accounting of h...

AI summary The document outlines procedures for applying hedge accounting to TUC hedging activities, emphasizing the need for proper documentation of risk exposure, hedged items, and income recognition methods at the inception of hedging relationships.

ACCOUNTING POLICIES AND PROCEDURE MANUAL - 1000

AI summary The document is the Accounting Policies and Procedure Manual for Nova Scotia Power Inc., which outlines the accounting policies and procedures in accordance with US GAAP. It includes information on financial reporting and accounting practices.

POLICIES - 01 Cash should be presented in the financial statements in accordance with FASB ASC Section 305- 10. - 02 Items under the caption "Cash" on the financial statements, the Company should include petty cash funds and the net total...

AI summary The text outlines policies for the presentation of cash in financial statements, including guidelines for handling petty cash, bank overdrafts, and restricted cash items in accordance with FASB ASC Section 305-10.

SHORT-TERM INVESTMENTS - 6550

AI summary The document discusses short-term investments related to Nova Scotia Power Inc. and includes references to accounting standards, financial audits, and regulatory oversight. It highlights the importance of compliance with US GAAP and Canadian accounting standards, as well as the role of KPMG and Grant Thornton in financial audits.

POLICY 01 The costs of any goods or services received but not yet paid for and payment is intended in the next 12 months are included as a current liability on the balance sheet.

AI summary The text explains that costs for goods and services received but not yet paid for, with payment intended within the next 12 months, are classified as current liabilities on the balance sheet.

POLICY - The Audit Committee of the Board of Directors should be comprised of a minimum of three Directors, none of whom are officers or employees of the Company. - As directed by the Nova Scotia Utility and Review Board ("UARB") in its Or...

AI summary The Audit Committee of NSPI's Board must consist of at least three non-officer Directors. NSPI is required by UARB Order NSUARB-NSPI-P-875 to use a different audit firm than Emera Inc. and have a separately chaired audit committee, per regulatory directives.

CODE OF CONDUCT 26 SECTION 1.1 – The primary purpose of this Code of Conduct is to ensure that all transactions NSPI enters into with affiliates are designed and carried out in a manner reasonably expected to produce Deleted: <#>Number of...

AI summary The Code of Conduct mandates that NSPI's affiliate transactions must be structured to produce reasonable outcomes, ensuring compliance with regulatory standards. It emphasizes transparency and alignment with the Utility and Review Board's oversight.

Form of Books and records of utility 27 The Board may prescribe the forms of all books, accounts, papers and records required to be kept by any public utility and every public utility is required to keep and render its books, accounts, pap...

AI summary The document discusses the regulatory requirements for the form of books and records kept by public utilities, including Nova Scotia Power Inc.'s (NSPI) use of U.S. GAAP for financial reporting. It outlines the Board's approval of NSPI's exemption under Board Regulatory Rule 32 and highlights potential differences in accounting practices between U.S. GAAP and Canadian GAAP that may affect future reporting.

SCHEDULE "A" Nova Scotia Power Inc. Accounting Policy and Procedures Manual January 11, 2011

AI summary This document is the Accounting Policy and Procedures Manual for Nova Scotia Power Inc., dated January 11, 2011. It outlines the company's accounting policies and procedures.

ADMINISTRATION - 05 To exercise control over the contents and use of this manual, the following procedures will be followed: - a. This manual will be published on the NSPI intranet as read-only under Corporate Controller's Policies - "NSPI...

AI summary The administration section outlines procedures for controlling and updating the NSPI Accounting Policy & Procedures Manual, including publishing it on the NSPI intranet, seeking UARB approval for updates, and annual reviews by external auditors.

APPLICATION OF ADMINISTRATIVE OVERHEAD (CONTRACTED ASSETS) - 6235

AI summary The document discusses the application of administrative overhead to contracted assets within a regulatory proceeding. It includes financial and accounting-related considerations, such as cost recovery, capital expenditures, and regulatory compliance.

PROCEDURES - 05 Monthly bank reconciliations are performed to ensure that all bank statements agree to the accounting records and that all required adjustments are recorded through journal entries. - 06 If the net total of the bank account...

AI summary The document outlines procedures for monthly bank reconciliations and the accounting treatment for bank overdrafts, including the journal entry required to reclassify overdrafts as bank indebtedness.

APPLICATION OF OVERHEAD The overhead charged to a particular project is determined by multiplying the labour costs charged to the project by the appropriate overhead application rate. The charge is debited to a Capital Work Order while the...

AI summary The overhead charged to a project is calculated by multiplying labour costs by the appropriate overhead application rate. The charge is recorded in a Capital Work Order with a credit to Operating, Maintenance and General Expenses. The text references accounting principles and specific general ledger accounts.

rence. Included in the 24 sections listed in Appendix A (attached) is a copy of Accounting Policy 6960 Accounting for Financial Instruments and Hedging which was filed with the Board on June 30, 2010. The second and third submissions were...

AI summary Nova Scotia Power Inc. submitted updates to its Accounting Policy and Procedures Manual, aligning with US GAAP. A consultant from BOO Canada is finalizing a report incorporating all submissions, expected by October 22, 2010. The Board seeks confirmation on the process and has questions about the submitted materials.

Introduction - Basis for use of US GAAP NSPI is entitled to prepare its financial statements in accordance with U.S. GAAP under applicable Canadian securities laws and under the Nova Scotia Companies Act (the "Companies Act") provided it i...

AI summary NSPI is permitted to use US GAAP for financial reporting under Canadian securities laws and the Nova Scotia Companies Act, as it is subject to U.S. securities laws. NSPI registered debt securities in the U.S. via a shelf registration statement under the Multijurisdictional Disclosure System.

National Instrument 52-107 The Canadian Securities Administrators' securities regulation entitled National Instrument 52-107 Acceptable Accounting Principles and Auditing Standards ("NI 52- 1 07"), which has been adopted by the Nova Scotia...

AI summary National Instrument 52-107 allows NSPI to prepare financial statements under US GAAP if it is an SEC issuer. NSPI became an SEC issuer after filing a registration statement under the U.S. Securities Act in July of this year.

INTRODUCTION - [1 ] Nova Scotia Power Inc. ("NSPI" or the "Company") made an Application to the Nova Scotia Utility and Review Board ("Board" or "UARB") for approval of changes to its Accounting Policy and Procedures Manual (the "Manual")...

AI summary Nova Scotia Power Inc. is seeking approval from the Nova Scotia Utility and Review Board to update its Accounting Policy and Procedures Manual to align with US-GAAP, as Canadian GAAP is transitioning to IFRS, which would affect how financial results are presented for rate determination.

Form of Books and records of utility 27 The Board may prescribe the forms of all books, accounts, papers and records required to be kept by any public utility and every public utility is required to keep and render its books, accounts, pap...

AI summary The document outlines the Board's authority over the form of books and records for public utilities, referencing an Order from 2010 that exempted NSPI from certain regulatory rules related to U.S. GAAP. It also discusses the implications of NSPI's SEC registration and the Board's findings regarding US GAAP financial reporting, including potential differences in accounting treatments and recommendations for future monitoring.

IV FINDINGS [19] The publication of IFRS is under the authority of the International Accounting Standard Board ("IASB"). Regulated entities, such as NSPI, have the ability to recognize those assets and liabilities ("regulated assets and li...

AI summary The document discusses the regulatory and accounting challenges faced by Nova Scotia Power Inc. (NSPI) due to the transition from C-GAAP to IFRS. It highlights the lack of clarity on recognizing regulated assets and liabilities under IFRS, leading to potential financial statement inconsistencies. The UARB has approved NSPI's request for an exemption from C-GAAP and ordered the filing of annual financial statements under both C-GAAP and US-GAAP for the next two years.

COMPLIANCE 06 NSPI applies ASC 980 for specific rate regulated accounting policies which are approved by the UARB. Where there is no specific accounting policy identified in the Accounting Policy and Procedures Manual, NSPI will follow the...

AI summary NSPI uses ASC 980 for specific rate-regulated accounting policies approved by the UARB, and follows U.S. GAAP for non-regulated entities when no specific policy is identified.

FINANCIAL REPORTING SYSTEM

AI summary The document introduces the Financial Reporting System, which is essential for regulatory compliance and transparency in utility operations. It outlines the structure and standards used for financial reporting, including references to accounting principles and regulatory oversight.

FINANCIAL REPORTING SYSTEM

AI summary The document introduces the Financial Reporting System, which is essential for regulatory compliance and transparency in utility operations. It outlines the structure and standards used for financial reporting, including references to accounting principles and regulatory oversight.

FINANCIAL REPORTING SYSTEM

AI summary The document introduces the Financial Reporting System, which is essential for regulatory compliance and transparency in utility operations. It outlines the structure and standards used for financial reporting, including references to accounting principles and regulatory oversight.

PROCEDURES 04 Unbilled revenue receivable is charged to account 355. 1 Please refer to NSPI's Accounting Policy and Procedures Manual Section 4100, paragraphs .02

AI summary The document outlines that unbilled revenue receivable is recorded in account 355, referencing NSPI's Accounting Policy and Procedures Manual Section 4100, paragraph .02.

POLICY - 01 Rate-regulated enterprises such as Nova Scotia Power Inc. ("NSPI") have to consider the impact of accounting decisions on revenue requirements and rate stability. If a regulatory authority approves the recovery of certain costs...

AI summary The text discusses how Nova Scotia Power Inc. (NSPI) manages accounting decisions affecting revenue requirements and rate stability, including deferral and amortization of costs and the use of the Fuel Adjustment Mechanism (FAM) approved by the Nova Scotia Utility and Review Board (UARB).

SCHEDULE "A" Nova Scotia Power Inc. Accounting Policy and Procedures Manual January 11, 2011

AI summary This document is the 'Accounting Policy and Procedures Manual' for Nova Scotia Power Inc., dated January 11, 2011, which outlines the company's accounting policies and procedures.