EFIS Instructions
2024-25
2024-25 Financial Statements
Schedules
Schedule 7

Schedule 7 - Detail of Consolidated Statement of Financial Position

This schedule provides information that is then summarized on Schedule 1, Consolidated Statement of Financial Position.

There are two input columns for this schedule: current year actual, and prior year actual. The prior year actual column has been preloaded with data from the board-submitted prior year Financial Statements. These are blue cells which are adjustable by the school board if required. Where possible, items that can be calculated from other EFIS forms have been preloaded to both columns.

Financial Assets

  • Item 1.1 (FP - Cash and Cash Equivalents): cash balances or investments with a maturity of < 90 days.

  • Item 1.2 (FP - Portfolio Investments): Portfolio investments are investments in organizations that do not form part of the government reporting entity. These are normally in equity instruments or debt instruments issued by the investee. The sum of amounts entered at items 1.2.1 and 1.2.2 is loaded to Schedule 1, item 1.2 (FP - Portfolio Investments).

    • Item 1.2.1 (FP - Portfolio Investments measured at amortized cost): These would include bonds and Treasury bills. Amortized cost should be measured using the effective interest rate method. For portfolio investments measured at amortized cost, all investment income is recorded in the Statement of Operations; there are no unrealized gains (losses).

    • Item 1.2.2 (FP - Portfolio Investments measured at fair value): These would include equity instruments that are quoted in an active market. Since school boards are not permitted to hold stocks, mutual funds, or other equity instruments per Ontario Regulation 41/10 (Board Borrowing, Investing and Other Financial Matters), it is not expected that school boards will have any portfolio investments measured at fair value, except in rare circumstances. For portfolio investments measured at fair value, any unrealized gains (losses) are reported on Schedule 1.4 (Consolidated Statement of Remeasurement Gains and Losses).

  • Item 1.3 (FP - Other Investments): Other investments would include items such as GICs and term deposits. GICs are recorded at amortized cost, using the effective interest rate method. Term deposits are recorded at cost. Please enter other investments at items 1.3.1 (FP - Other Investments - Operating) and 1.3.2 (FP - Other Investments - Investing) depending on whether the investments are held in the course of operations or as investments. This distinction is used to properly classify the change in value on Schedule 1.2, Consolidated Statement of Cash Flow. The sum of amounts entered on these two lines is loaded to Schedule 1, item 1.3 (FP - Other Investments).

  • Item 1.4 (Accounts Receivable): Input accounts receivable balances by category on the lines provided. The sum of items 1.4.1 to 1.4.8 is loaded to Schedule 1, item 1.4 (FP - Accounts Receivable).

    • Item 1.4.4 (FP - Accounts Receivable - Government of Ontario - Approved Capital): loaded from Schedule 5.2, item 3, column 5 (for 2024-25) and column 1 (for 2023-24).

    • Item 1.4.7 (FP - Accounts Receivable - Delayed Grant Payment): The current year closing AR-DGP value is populated from Section 1C Continuity Report, item 2.3, column 3. School boards will likely have a different amount in their GL. School boards should book an entry to their GL to match the amount loaded into Schedule 7 for the current year amount.

    • The 2023-24 AR-DGP value is populated from Section 1C Continuity Report, item 1.1, column 3. It will agree to the 2023-24 board-submitted Financial Statements, Schedule 7, column 1.

To increase the Accounts Receivable - Delayed Grant Payment, record the following entry:

Debit:  Accounts Receivable - Delayed Grant Payment
      Credit: Accounts Payable - Government of Ontario

In EFIS, the credit side of the entry should be included on Schedule 7 at item 2.2.3 (Accounts Payable - Government of Ontario). Once the ministry processes the payment after the review of the Financial Statements to reflect the updated AR-DGP, the increased Accounts Payable at item 2.2.3 will be cleared. In the audited financial statements, these items may be presented on a net basis.

To decrease the Accounts Receivable - Delayed Grant Payment, record the following entry:

Debit:  Accounts Receivable - Government of Ontario
      Credit: Accounts Receivable - Delayed Grant Payment

In EFIS, the debit side of the entry should be included on Schedule 7 at item 1.4.3 (Accounts Receivable - Government of Ontario). Once the ministry processes the payment after the review of the Financial Statements to reflect the updated AR-DGP, the increased Accounts Receivable at item 1.4.3 will be cleared. In the audited financial statements, these items are grouped together.

  • Item 1.5 (FP - Derivatives (Assets)): This line is for reporting derivative assets per PS 3450 (Financial Instruments), which must be recorded at fair value. Any unrealized gains (losses) related to derivatives are reported on Schedule 1.4 (Consolidated Statement of Remeasurement Gains and Losses).

  • Item 1.6.1 (FP - Assets Held for Sale - TCA): The values on this line are loaded from Schedule 3D Total, item 1 total, column 25 closing balance (for the 2024-25 column) and columns 19 + 20 adjusted opening balance (for the 2023-24 column).

  • Item 1.6.2 (FP - Assets Held for Sale - Purchased Intangibles): Input the value of purchased intangibles assets held for sale here, if any.

Liabilities

  • Item 2.1 (FP - Temporary Borrowing): Borrowing should be reported as either temporary (short-term in nature, to finance temporary cash needs of an operating or capital nature), or long-term (debentures or other long-term loans or instruments to finance qualifying capital expenditures). There is no requirement to report separately the current portion of long-term debt. Input the short-term borrowing at item 2.1. Amounts entered here are loaded to Schedule 1, item 2.1.

  • Item 2.2 (FP - Accounts Payable): Input accounts payable by category at items 2.2.1 to 2.2.5. Amounts entered here are added to amounts entered at items 2.2.6 and 2.2.7 and loaded to Schedule 1, item 2.2 (FP - Accounts Payable and Accrued Liabilities).

  • Item 2.2.6 (FP - Accrued Liabilities): Input accrued liabilities on this line. Amounts entered are added to items 2.2 and 2.2.7 and then loaded to Schedule 1, item 2.2 (FP - Accounts Payable and Accrued Liabilities).

  • Item 2.2.7 (FP - Labour Accrual): School boards should enter the value of the accrual they have recorded for salary and benefits increases related to unionized employees where labour agreements have not yet been reached. The same value should be included on Schedule 10, item 80.2 (Labour Provision).

  • Item 2.4.1 (FP - P3 Financial Liability): Loaded from Schedule 5.8 P3 Financial Liability, item 2.0, column 7 closing balance (for 2024-25) and columns 1 + 2 opening balance (for 2023-24).

  • Item 2.5 (Net Debenture Debt, Capital Loans and Leases): The values in this section are loaded from Schedule 5A, Long Term Capital Debt Continuity. For each item below, the value in the 2024-25 column comes from the closing balance and the value in the 2023-24 column comes from the opening balance.

    • Item 2.5.1 (FP - Unmatured Debenture Debt): Loaded from Schedule 5A, items 3 + 4 + 5.

    • Item 2.5.2 (FP - Sinking Fund Asset): Loaded from Schedule 5A, item 8.

    • Item 2.5.3 (FP - Debenture Debt Net of Sinking Fund Assets): Calculated as item 2.5.1 minus item 2.5.2.

    • Item 2.5.5 (FP - Capital Leases): Loaded from Schedule 5A, item 6.

    • Item 2.5.6 (FP - Net Debenture Debt, Capital Loans and Leases): Sum of items 2.5.3 and 2.5.5. This value is loaded to Schedule 1, item 2.5.

  • Item 2.6 (Deferred Revenue): Loaded from Schedule 5.1, item 20 (Total Deferred Revenues), column 7 closing balance (for 2024-25) and column 1 opening balance (for 2023-24).

  • Item 2.7 (FP - Employee Benefits Payable): Loaded from Schedule 10G-1, item 11 (Total Employee Benefits Supplementary Information), column 04 closing balance (for 2024-25) and column 01 opening balance (for 2023-24).

  • Item 2.8 (FP - Deferred Capital Contributions): Loaded from Schedule 5.3, item 2.3 (Total Deferred Capital Contributions), column 7 closing balance (for 2024-25) and column 1 opening balance (for 2023-24).

  • Item 2.9 (FP - Derivatives (Liabilities)): This line is for reporting derivative liabilities per PS 3450 (Financial Instruments), which must be recorded at fair value. Any unrealized gains (losses) related to derivatives are reported on Schedule 1.4 (Consolidated Statement of Remeasurement Gains and Losses).

  • Item 2.10 (FP - Asset Retirement Obligation): Loaded from Schedule 5.7, item 16 total, column 10 closing balance (for 2024-25) and columns 2 + 3 adjusted opening balance (for 2023-24).

Net Debt

  • The net debt at item 3 is calculated as the sum of the financial assets (item 1) and the total liabilities (item 2). It is loaded to Schedule 1, item 3 (Net Financial Assets (Net Debt)).

Non-Financial Assets

  • Input values for prepaid expenses and supplies inventories at items 4.1 and 4.2, respectively.

  • Item 4.3 (FP - Tangible Capital Assets): Loaded from Schedule 3F, total tangible capital asset with ARO net book value.

  • Item 4.4 (FP - Purchased Intangibles): Loaded from Schedule 3G, item 2.0.

  • The total non-financial assets calculated at item 4 is loaded to Schedule 1, item 4 (Total Non-Financial Assets).

Accumulated Surplus (Deficit)

  • The total accumulated surplus (deficit) at item 5 is calculated as the sum of the net debt (item 3) and total non-financial assets (item 4). It is loaded to Schedule 1, item 5 (Accumulated Surplus (Deficit)).

  • Item 5.1 - FP - Accumulated Operating Surplus (Deficit): Loaded from Schedule 5, item 5 (Total Accumulated Surplus (Deficit)), column 4 closing balance (for 2024-25) and column 1 opening balance (for 2023-24).

  • Item 5.2 - FP - Accumulated Remeasurement Gains (Losses): Loaded from Schedule 1.4, item 5 (Accumulated remeasurement gains (losses) at end of year).

  • Item 6 - Reconciliation Variance: Calculated as the difference between item 5 (Accumulated Surplus (Deficit)) and sum of items 5.1 and 5.2, which should be zero. Error message Error_SC7_3 checks to make sure the calculated value is zero.

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