2. Basis of preparation (continued)
b. Basis of measurement
The condensed consolidated financial statements have been prepared on the historical cost basis except for the following items, which are described in Note 3:
Financial instruments classified as at fair value through profit or loss Financial instruments classified as at fair value through other comprehensive income Employee future benefits Provisions Natural gas in storage held for resale Property, plant and equipment
c. Functional and presentation currency
The condensed consolidated financial statements are presented in Canadian dollars, the Corporation’s functional currency, unless otherwise stated. All financial information presented in Canadian dollars has been rounded to the nearest million.
d. Use of estimates and judgments
In the application of the Corporation’s accounting policies, management is required to make judgments, estimates, and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, revenue, and expenses. Actual results may differ from these estimates. The estimates and associated assumptions are based on historical experience and other factors that are considered relevant. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised as well as any future periods affected.
Information about critical judgments in applying accounting policies that have a significant effect on the amounts recognized in the condensed consolidated financial statements include:
Revenue recognition related to unbilled revenue Existence of decommissioning liabilities Designation of own-use derivative contracts
2020-21 First Quarter Report
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