O. Reg. 395/11: ACCOUNTING POLICIES AND PRACTICES, Filed August 22, 2011 under Financial Administration Act, R.S.O. 1990, c. F.12

ONTARIO REGULATION 395/11

made under the

FINANCIAL ADMINISTRATION ACT

Made: August 11, 2011
Approved: August 17, 2011
Filed: August 22, 2011
Published on e-Laws: August 24, 2011
Printed in The Ontario Gazette: September 10, 2011

ACCOUNTING POLICIES AND PRACTICES

Public Entities

Depreciable tangible capital assets, etc.

1. (1) In its accounts, a public entity shall recognize the following items as deferred capital contributions:

1. Contributions received or receivable by the public entity for the purpose of acquiring or developing a depreciable tangible capital asset for use in providing services.

2. Contributions in the form of depreciable tangible assets received or receivable by the public entity for use in providing services.

(2) In its accounts, a public entity shall reduce its liability for deferred capital contributions in respect of a depreciable tangible capital asset at the same rate as the rate at which amortization is recognized in respect of the asset, and shall account for the reduction of the liability in the periods during which the asset is used to provide services.

(3) In its accounts, a public entity shall recognize, as revenue, the capital contributions in respect of a depreciable tangible capital asset at the same rate as the rate at which amortization is recognized in respect of the asset, and shall account for the revenue in the periods during which the asset is used to provide services.

(4) If the net book value of a depreciable tangible capital asset is reduced for any reason other than amortization, a public entity shall, in its accounts, recognize a proportionate reduction of the deferred capital contributions for the asset and a proportionate increase in the revenue from deferred capital contributions for the asset.

(5) This section prevails over a requirement of another Act or regulation.

Other Entities

Hydro One Inc.

2. (1) Hydro One Inc. shall prepare its financial statements in accordance with U.S. generally accepted accounting principles.

(2) This section applies for any financial year of Hydro One Inc. that begins on or after January 1, 2012.

(3) This section prevails over a requirement of another Act or regulation.

Commencement

Commencement

3. This Regulation comes into force on the later of the day on which subsection 2 (1) of Schedule 7 to the Helping Ontario Families and Managing Responsibly Act, 2010 comes into force and the day this Regulation is filed.

Made by:
Pris par :

Treasury Board:
Conseil du Trésor :

Sous-ministre des Finances et secrétaire du Conseil du Trésor,

Peter Wallace

Deputy Minister of Finance and Secretary of the Treasury Board

Ministre des Finances et Président du Conseil de gestion du gouvernement,

Dwight Douglas Duncan

Minister of Finance and Chair of the Management Board of Cabinet

Date made: August 11, 2011.
Pris le : 11 août 2011.