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2011/2012 Report on Plans and Priorities - Future-oriented Financial Statements
- 1. Authority and objectives
- 2. Significant assumptions
- 3. Variations and Changes to the Forecast Financial Information
- 4. Summary of significant accounting policies
- 5. Parliamentary Appropriations
- 6. Tangible capital assets
- 7. Employee future benefits
- 8. Related party transactions
- 9. Segmented information
Variations and Changes to the Forecast Financial Information
While every attempt has been made to accurately forecast final results for the remainder of 2010-11 and for 2011-12, actual results achieved for both years are likely to vary from the forecast information presented, and this variation could be material.
In preparing these financial statements Environment Canada has made estimates and assumptions concerning the future. These estimates and judgements may differ from the subsequent actual results. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Factors that could lead to material differences between the future-oriented financial statements and the historical financial statements include:
- The timing and amounts of acquisitions and disposals of property, plant and equipment may affect gains/losses and amortization expense.
- Further changes to the operating budget through additional new initiatives or technical adjustments later in the year.
Once the Report on Plans and Priorities is presented, Environment Canada will not be updating the forecasts for any changes to appropriations or forecast financial information made in ensuing supplementary estimates. Variances will be explained in the Departmental Performance Report.
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