Schedule 1 - Consolidated Statement of Financial Position

There is no data entry on this form. All data is loaded based on detailed input and calculations on Schedule 7, Detail of Consolidated Statement of Financial Position.

PSAB presentation (PS 1201) requires that the Statement of Financial Position (SFP) highlight five key figures that describe the financial position at the financial statement date:

• Financial assets

• Liabilities

• Net debt position - difference between liabilities and financial assets

• Non-financial assets - assets that are, by nature, normally for use in service provision and include purchased, constructed, contributed, developed or leased tangible capital assets, inventories of supplies, and prepaid expenses

• Accumulated surplus or deficit - the sum of the net debt and non-financial assets

PSAS presentation also requires that the Statement of Financial Position report financial assets, liabilities and non-financial assets segregated by major classifications (cash, accounts receivable, accounts payable, tangible capital assets, etc.).

Financial Assets

• This category does not include prepaid expenses, inventory of supplies and tangible capital assets. See Non-Financial Assets section below.
• For further details on the financial assets classifications, please refer to the instructions for Schedule 7.

Liabilities

These include current liabilities as well as net long-term borrowings. Note that there is no requirement to separate out the current portion of long-term debt. Liabilities include deferred revenues, employee future benefits, deferred capital contributions and other items.

Net Debt

The net debt position is calculated as the difference between the liabilities and financial assets.

Non-Financial Assets

Under PSAB, prepaid expenses, inventories of supplies and tangible capital assets are non-financial assets.

• Tangible Capital Assets - assets having physical substance that:

  • Are held for use in the production or supply of goods and services, for rental to others, for administration purposes or for the development, construction, maintenance, or repair of other tangible capital assets;

  • Have useful economic lives extending beyond an accounting period;

  • Are to be used on a continuing basis; and

  • Are not for sale in the ordinary course of operations.

• Examples of tangible capital assets would be land, buildings, equipment, vehicles.

• Prepaid expenses are claims to goods and services.

• Inventories of supplies are consumable goods.

Accumulated Surplus (Deficit)

• The accumulated surplus (deficit) is calculated as the sum of the net debt and non-financial assets.