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TOURISM CHILLIWACK INC.
Notes to Financial Statements (continued)
Years ended December 31, 2011 and 2010
1. Significant accounting policies (continued):
(f) Budget figures:
Budget figures represent its budget approval by board of directors and are not subject to
audit.
(g) Use of estimates:
The preparation of the financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenue and expenses during the year. Actual results could differ from those
estimates.
2. Transitional adjustments:
In accordance with PSAB guidelines, the Company has made the following adjustment:
Deferred revenue:
Grant revenues are recognized when the grants have been approved and spent to purchase
tangible capital assets.
The impact of this adjustment on Accumulated surplus and Annual surplus is as follows:
(a) Accumulated surplus:
Accumulated surplus:
As previously reported under Canadian generally
accepted accounting principles, December 31, 2009
$ 260,754
Adjustment to recognized grants for capital assets as
revenue when spent
53,765
Restated, January 1, 2010
$ 314,519
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Tourism Chilliwack Inc.
Financial Statements
73
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