Corporate

WSPS 2020 Annual Report

Browse through our library of WSPS policies, annual reports, strategic plans and more.

Issue link: https://www.wsps.ca/resource-hub/i/1414685

Contents of this Issue

Navigation

Page 24 of 35

23 | WSPS.CA/AnnualReport Workplace Safety & Prevention Services Notes to Financial Statements March 31, 2021 (2) 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 over the term of the lease Impairment of capital assets The Corporation reviews the carrying amount of capital assets for impairment whenever events or changes in circumstances indicate the carrying amount may not be recoverable. When a capital asset no longer contributes to the Corporation's ability to provide services, or the value of future economic benefits or service potential associated with the capital asset is less than its net carrying amount, the net carrying amount of the capital asset shall be written down to the capital asset's fair value or replacement value. 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. 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.

Articles in this issue

Archives of this issue

view archives of Corporate - WSPS 2020 Annual Report