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WSPS 2016 Annual Report

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Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2017 Financial instruments Financial instruments are recorded at fair value when acquired or issued. All guaranteed investment certificates and money market funds have been designated to be in the fair value category, with gains and losses reported in operations in the period in which they arise. All other financial instruments are reported at cost or amortized cost less impairment, if applicable. Financial assets are tested for impairment when changes in circumstances indicate the asset could be impaired. Transaction costs on the acquisition, sale or issue of financial instruments are expensed for those items remeasured at fair value at each statement of financial position date and charged to the financial instrument for those measured at amortized cost. Capital assets Capital assets are stated at cost less accumulated amortization. Amortization is provided on a straight-line basis over the estimated useful lives of the assets as follows: Computer software 3 years Office equipment 5 years Computer equipment 3 years Furniture 5 years Leasehold improvements term of the lease Impairment of capital assets The Corporation monitors its use of capital assets and when the capital asset no longer has any long-term service potential to the Corporation, the excess of its net carrying amount over any residual value is recognized as an expense in the statement of operations. Defined benefit post-retirement plan For employees who joined the Corporation prior to October 1, 2015, the Corporation provides certain non-pension post- retirement benefits consisting of extended health and other benefits. The defined benefit obligation is calculated based on the most recent actuarial valuation report prepared for accounting purposes. Remeasurements and other items are charged to net assets as they occur. The Corporation applies the following policies: The Corporation accrues its obligations under defined benefit plans and the related costs when the benefits are earned through current service. The cost of retirement benefits earned by employees is actuarially determined using the projected benefit method pro-rated on service and management's best estimate of salary escalation, retirement ages of employees and expected health-care costs. Remeasurements and other items are composed of actuarial gains (losses) on the accrued benefit obligation and arise from differences between the actual and expected experience and from changes in the actuarial assumptions used to determine the accrued benefit obligation, past service costs and gains and losses arising from settlements and curtailments. Actuarial gains and losses arise when the accrued benefit obligations change during the year. The actuarial gains and losses and other remeasurements, including plan amendments, are recorded in the statement of changes in net assets (deficiency) when incurred. CELEBRATING 100 YEARS OF SAFETY IN ONTARIO | 1917-2017 WSPS.CA/AnnualReport 29

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