OUTDOOR POWER EQUIPMENT INSTITUTE OF CANADA Notes to the Financial Statements For the year ended 31 December 2024
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Incorporation and nature of operations Outdoor Power Equipment Institute of Canada ("OPEIC") was incorporated under the Canada Not-for-profit Corporations Act on 15 February 2012 and commenced operations on 1 July 2012. OPEIC is a not-for-profit organization and it is not subject to income taxes providing certain requirements are met. OPEIC currently operates a stewardship program in the Province of British Columbia to assist the outdoor power equipment industry in discharging its obligation to establish end of life product collection and recycling programs under the British Columbia Recycling Regulations. Summary of significant accounting policies These financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations. The significant accounting policies are detailed as follows: (a) Revenue recognition Environmental Handling Fees (EHFs) are received from registered members that participate in OPEIC's programs. OPEIC recognizes these fees as revenue when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. EHF revenues are recognized as individual members report and remit them as required by OPEIC's membership agreement which is by the end of the month following the reporting period that the designated program materials were sold by the member. Members are obligated to remit EHFs for all products sold from the earlier of the programs’ start date or the date when the member started selling obligated products. If, for any reason, a member omits reporting and remitting EHFs associated with sold program products, OPEIC will recognize those EHFs as revenue when the amounts are determinable by OPEIC. Interest revenue is recognized on an accrual basis. (b) Cash and cash equivalents OPEIC's policy is to disclose bank balances under cash and cash equivalents, including bank overdrafts with balances that fluctuate frequently from being positive to overdrawn and term deposits with a maturity period of three months or less from the date of acquisition.
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