Notes to the Consolidated Financial Statements
d. Use of estimates and judgments In the application of the Corporation’s accounting policies, which are described in Note 3, 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 material effect on the amounts recognized in the consolidated financial statements is included in Note 3 as well as the following notes: Revenue recognition related to unbilled revenue (Note 5) Existence of decommissioning liabilities (Note 18) Designation of own-use derivative contracts (Note 20) Information about significant management estimates and assumptions that have a risk of resulting in a significant adjustment is included in Note 3 as well as the following notes: Estimated unbilled revenue (Note 5) Expected credit losses (Note 5) Net realizable value of natural gas in storage held for resale (Note 6) Fair value of financial and derivative instruments (Note 8) Useful lives and depreciation rates for right-of-use (ROU) assets (Note 11) Useful lives and amortization rates for intangible assets (Note 12) Useful lives and depreciation rates for property, plant and equipment (Note 13) Recoverable amount of non-financial assets (Note 13) Estimated unearned customer capital contributions (Note 16) Estimated lease liability (Note 17) Estimated future cost of decommissioning liabilities (Note 18) 3. Summary of Material Accounting Policy Information The accounting policies set out below have been applied consistently by the Corporation and its subsidiaries to all periods presented in the consolidated financial statements. a. Change in accounting policies Effective April 1, 2023, the Corporation adopted the following amended IFRS on a prospective basis: IAS 1, Presentation of Financial Statements
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