Notes to the Consolidated Financial Statements
b. Other related party transactions As a Crown corporation, the Corporation is ultimately controlled by the Government of Saskatchewan. Included in the consolidated financial statements are transactions with various Saskatchewan Crown corporations, ministries, agencies, boards and commissions related to the Corporation by virtue of common control by the Government of Saskatchewan and non-Crown corporations and enterprises subject to joint control and significant influence by the Government of Saskatchewan (collectively referred to as related parties). Government-related entities are exempt from providing disclosure about individual related party transactions, other than the transactions with key management personnel disclosed above. Instead, government-related entities are required to disclose the types and extent of individually or collectively significant transactions with related parties. In determining individually significant transactions, the Corporation considers the size, type and terms of the transaction. There were no other individually or collectively significant transactions with related parties for the period. All other transactions with related parties were routine operating transactions that were settled at prevailing market prices under normal trade terms. 27. RESTATEMENT OF FINANCIAL RESULTS At the end of 2020, losses on disposal of property, plant and equipment were reclassified from an accumulated depreciation deferral account to a loss account in the statement of comprehensive income to more accurately reflect the nature of the balances.
As Previously Reported April 1, 2018 Adjustment
Restated April 1, 2018
Prior period adjustment (millions)
CONSOLIDATED STATEMENT OF FINANCIAL POSITION Property, plant and equipment
$
3,449 $
- $
3,449
Accumulated depreciation
(1,181)
(19)
(1,200)
Carrying Amounts
$
2,268 $
(19) $
2,249
Retained earnings
$
(918) $
19 $
(899)
The adjustment relates to the following years in the following amounts:
Property, plant & equipment accumulated depreciation (millions)
Vehicle, Equipment & Other
Transmission & Storage
Total Adjustment
December 31, 2014
$
(6) $
(1) $
(7) (2) (3) (7)
March 31, 2016 March 31, 2017 March 31, 2018
(2) (3) (4)
- -
(3)
Total
$
(15) $
(4) $
(19)
Note that the Corporation changed its fiscal year-end from December 31 to March 31 and reported a 15-month period ending March 31, 2016. 28. SUBSEQUENT EVENT On April 28, 2020, the Corporation entered into an agreement with the Province to borrow an additional $100 million of long term debt with an interest rate of 3.1 per cent maturing in 2050.
p.82
Made with FlippingBook Ebook Creator