SE E I NG I T T HROUGH
ASSOCIATION OF PROFESSIONAL ENGINEERS AND GEOSCIENTISTS OF ALBERTA NOTES TO SUMMARY FINANCIAL STATEMENTS DECEMBER 31, 2019 (in thousands of dollars)
1. Basis of presentation
The summary financial statements are derived from the audited financial statements prepared in accordance with Canadian accounting standards for not-for-profit organizations as at December 31, 2019 and for the year then ended.
The preparation of these summary financial statements requires management to determine the information that needs to be reflected in them so that they are consistent in all material respects with, or represent a fair summary of, the audited financial statements.
Management prepared these summary financial statements using the following criteria: • the summary financial statements include all statements included in the audited financial statements with the exception of the statement of changes in net assets and the statement of cash flows; • information in the summary financial statements agrees with the related information in the audited financial statements; • major subtotals, totals and comparative information from the audited financial statements are included; and • the summary financial statements contain the information from the audited financial statements dealing with matters having a pervasive or otherwise significant effect on the summary financial statements, such as described in note 2.
The audited financial statements of Association of Professional Engineers and Geoscientists of Alberta (APEGA) are available on APEGA’s website at www.apega.ca.
2. Summary of significant accounting policies Revenue recognition Revenue is recognized when evidence of an arrangement exists, the service has been rendered, the price is determinable and ultimate collection is reasonably assured.
Specific revenue recognition policies include the following: • dues and permit fees are set annually by Council and are recognized as revenue proportionately over a fiscal year to which they relate;
registration fees are recognized when received;
• examination fees are recognized when the examination is presented;
• affinity program revenue is recognized when received;
• general revenue is recognized when the related services are provided or goods are shipped; and
• realized investment income includes interest and dividends and is recognized when earned.
APEGA follows the deferral method of accounting for contributions, which include grants and donations. Grants are recognized in the accounts when received or receivable if the amount to be received can be reasonably estimated and collection is reasonably assured. Grants are deferred when initially recorded in the accounts and are recognized as revenue in the year in which the related expenses are recognized. Donations are recorded when received, since pledges are not legally enforceable claims. Unrestricted contributions are recognized as revenue when initially recorded in the accounts. Externally restricted contributions are deferred when initially recorded in the accounts and are recognized as revenue in the year in which the related expenses are recognized.
3. Defined benefit pension plan
In the year-end summary statement of financial position, APEGA recognizes the defined benefit obligation, less the fair value of the plan assets.
Defined benefit pension plan surplus
Plan assets at fair value
Accrued benefit obligations
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