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CHILLIWACK ECONOMIC PARTNERS CORPORATION
Notes to Financial Statements
Year ended December 31, 2012
General:
Chilliwack Economic Partners Corporation (the "Corporation") is wholly owned by the City of
Chilliwack (the "City") and is responsible for economic development activity within the City's
boundaries.
1. Significant accounting policies:
These financial statements are prepared using guidelines issued by the Public Sector Accounting
Board of the Canadian Institute of Chartered Accountants. The Corporation's significant
accounting policies are as follows:
(a) Property under development or held for sale:
Property under development or held for sale is recorded at the lower of cost and net
realizable value and includes direct costs and capitalized interest. Buildings in use but held
for sale are amortized at 4% per annum.
(b) Tangible capital assets:
Tangible capital assets are recorded at cost. Website costs include hardware and software
costs, graphics designs and major enhancements. Website maintenance and ancillary costs
are expensed. Amortization is provided using the following methods and annual rates:
Asset
Basis
Useful life - years
Buildings
Declining balance
4%
Computer and office equipment
Declining balance
20% - 30%
Telecommunication equipment
Declining balance
20%
Leasehold improvements are amortized on the straight-line basis over the term of the lease
plus one renewal period if it is anticipated that the lease will be renewed.
Website costs are amortized on the straight-line basis over three years.
cepco financial statements
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city of chilliwack
| 2012 annual municipal report