Corporate

Workplace Safety & Prevention Services Notes to Financial Statements December 31, 2013 j. Employee Future Benefits The Association follows the CPA Canada Handbook – Accounting requirements for accounting for employee future benefits with respect to its post-retirement life and health benefits plan. Under these requirements, current service cost of post-retirement benefit plans are charged to income annually. Cost is computed on an actuarial basis using the projected benefits method and based on management's best estimates. k. Pension Plan The Association's contributions to a multi-employer, defined contribution pension plan are expensed when contributions are due. l. Investment in Centre for Health and Safety Innovation (CHSI) The Association is a founding member of Centre for Health and Safety Innovation ("CHSI"), a not-for-profit organization that provides shared premises for the Association and one other Ontario health and safety organization. Under its membership agreement, the Association paid a fee of 74.36% of the start up and operating costs of CHSI up to December 31, 2006. The Association records its payment of the initial costs of CHSI, and its proportionate share of annual operating results on the equity basis. m. Impairment of Long-Lived Assets The Association monitors events and changes in circumstances which may require an assessment of the recoverability of its long-lived assets. If required, the Association would assess recoverability using estimated future undiscounted operating cash flows. If the carrying amount of an asset is not recoverable, an impairment loss is recognized in operations, measured by comparing the carrying amount of the asset to its discounted cash flow value. n. Use of Estimates The preparation of the financial statements in conformity with the basis of accounting as described in Note 1 (b) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. 1. SUMMAry of SIgNIfICANt ACCoUNtINg PoLICIES (continued) 26 2013 annual report  |  Workplace Safety & Prevention Services

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