CITY OF CHILLIWACK | 2024 Annual Report 130 131 2024 Annual Report | CITY OF CHILLIWACK TOURISM CHILLIWACK INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2024 TOURISM CHILLIWACK INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Year Ended December 31, 2024 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements (continued) Year ended December 31, 2024 1. Significant accounting policies (continued): (e) Revenue recognition: Grant revenues are recognized when the grants have been approved and the conditions required to earn the grants have been completed. Revenue from the sale of goods and other income is recorded at time of sale. Rental revenues are recognized in the period the facilities are occupied. Revenue received in advance of the fee being earned or the service being performed is deferred and recognized when the fee is earned or service performed. Advertising commission revenue is recognized when the related advertisement or commercial appears before the public. (f) Budget figures: Budget figures represent the budget approved by board of directors on November 29, 2022. (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. 6 TOURISM CHILLIWACK INC. Notes to Consolidated Financial Statements (continued) Year ended December 31, 2024 2. Adoption of new accounting standards: (i) PS 3400 Revenue: On January 1, 2024, the Company adopted Canadian public sector accounting standard PS 3400 Revenue. The new accounting standard establishes a single framework to categorize revenue to enhance the consistency of revenue recognition and its measurement. The adoption of this new standard did not have an impact on the amounts presented in the financial statements. (ii) PSG-8 Purchased Intangibles: On January 1, 2024, the Company adopted Canadian public sector accounting guideline PSG-8 Purchased Intangibles. The new accounting guideline permits recognition of purchased intangibles that are acquired through an arm’s length exchange transaction between willing parties provided the purchased intangible meets the recognition criteria for an asset. The adoption of this new guideline did not have an impact on the amounts presented in the financial statements. (iii) PS 3160 Public Private Partnerships: On January 1, 2024, the Company adopted Canadian public sector accounting standard PS 3160 Public Private Partnerships. The new accounting standard includes requirements for the recognition, measurement and classification of infrastructure procured through a public private partnership. The adoption of this new standard did not have an impact on the amounts presented in the financial statements. 3. Inventories: 2024 2023 Flag shop inventory $ 18,862 $ 19,676 Maps, apparels and books 50,772 76,755 $ 69,634 $ 96,431 7
RkJQdWJsaXNoZXIy ODc2MA==