Workplace Safety & Prevention Services 2012 Annual Report
26
December 31, 2012
l. Investment in Centre
for Health and
Safety Innovation
m. Asset Impairment
n. Use of Estimates
Workplace Safety & Prevention Services
Notes to Financial Statements
The Association is a founding member of Centre for Health and Safety
Innovation ("CHSI"), a not-for-profit corporation 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.
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 undiscounted
future 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 fair value.
The preparation of the financial statements in conformity with Canadian
accounting standards for not for profit organizations 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)
