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Table of contents:

 

Note to First Nations, Tribal Councils and FNPOs Required to Prepare Financial Statements for Fiscal Year 2013-14

AANDC and HC-FNIH require that this model be employed by First Nations, Tribal Councils and FNPOs who are providing audited consolidated financial statements by virtue of a reporting requirement in their funding arrangement(s), excluding Government Business Enterprises who are required to adhere to International Financial Reporting Standards (IFRS) and Not-for-Profit organizations who will adhere to the standards deemed applicable to them. First Nations, Tribal Councils and FNPOs are expected to adopt the formats reflected in this model wherever possible. These are the minimum standards to be met.

While every effort has been made to ensure accuracy of this model as of its release date, accounting standards change continuously and recipients should not act on the basis of this publication without seeking professional advice. Also, this publication is not intended to cover all aspects of PSAB Standards or substitute the PSAB Standards and Interpretations when dealing with specific issues, as some information may have been omitted that may be relevant to a particular organization or reader.

First Nations Financial Transparency Act

All First Nations that are a band as defined in subsection 2(1) of the Indian Act (does not apply to First Nations who are party to a comprehensive self-government agreement given effect by an Act of Parliament), must publish or cause to be published on an internet site its Audited Consolidated Financial Statements based on this model (as per the Year End Reporting Handbook for 2013-2014 Funding Agreements).

New PSAB Standards – not included in model financial statements

Please note PSAB sections PS 1201 - Financial Statement Presentation, PS 2601 - Foreign Currency Translation, PS 3041 – Portfolio Investments and PS 3450 - Financial Instruments apply to fiscal years beginning on or after April 1, 2015 for governments. Although early adoption for governments is permitted for the sections listed above, the Model Consistent Financial Statements do not yet incorporate these new sections. The Model Consistent Financial Statements are based on the government model in PSAB standards which apply to all First Nations, Tribal Councils and FNPOs reporting to AANDC and HC-FNIH.


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Management's Report

Reference: PS 1200.005-6

Management's Responsibility for the Consolidated Financial Statements

The accompanying consolidated financial statements of ABC First Nations are the responsibility of management and have been approved by [example: the Council].

The consolidated financial statements have been prepared by management in accordance with Canadian public sector accounting standards prescribed for governments as recommended by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants and as such include amounts that are the best estimates and judgments of management.

Management is responsible for the integrity and objectivity of these statements and for implementing and maintaining a system of internal controls to provide reasonable assurance that reliable financial information is produced.

The [Council] is responsible for ensuring that management fulfills its responsibilities for financial reporting and internal control and is ultimately responsible for reviewing and approving the consolidated financial statements.

The [Council] meets periodically with management, as well as the external auditors, to discuss internal controls over the financial reporting process, auditing matters and financial reporting issues, to satisfy themselves that each party is properly discharging their responsibilities, and to review the consolidated financial statements and the external auditor's report.

The external auditors, [Name of the audit firm], conduct an independent examination, in accordance with Canadian auditing standards, and express their opinion on the consolidated financial statements. The external auditors have full and free access to financial management of ABC First Nations and meet when required.

On behalf of ABC First Nations:

_____________________________
[Name]
[Title]
_____________________________
[Name]
[Title]

[Month Day, Year]


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ABC First Nations
Consolidated Statement of Financial Position
As at March 31, 2014 (thousands of dollars)

Reference   March 31, 2014 March 31, 2013
   
The accompanying notes and supplementary schedules are an integral part of these consolidated financial statements.
   
  Financial Assets  
1200.046 (a) Cash and cash equivalents (Note 2) #,### #,###
1200.046 (b) Temporary investments (disclose additional details if material) #,### #,###
1200.046 (c) Accounts receivable (Note 3) #,### #,###
1200.046 (c) Trust funds held by federal government (Note 4) #,### #,###
1200.046 (d) Inventories for resale (Note 5) #,### #,###
1200.046 (e) Due from government and other government organizations (Note 6) #,### #,###
1200.046 (f) Loans receivable (Note 7) #,### #,###
1200.046 (g) Portfolio investments (Note 8) #,### #,###
1200.046 (h) Investments in government business enterprises (Note 9) #,### #,###
  Total Financial Assets ###,### ###,###
   
  Liabilities  
1200.041 (a) Accounts payable and accrued liabilities (Note 10) #,### #,###
1200.041 (e) Due to government/other government organizations (Note 11) #,### #,###
1200.041 (c) Deferred revenue (Note 12) #,### #,###
1200.041 (d) Long-term debt (Note 13) #,### #,###
PSG-2.24(b) Obligations under capital leases (Note 13) #,### #,###
1200.041(b) Employee benefit obligations (Note 15) #,### #,###
  Total Liabilities ###,### ###,###
   
1200.038 Net financial assets (net debt) ###,### (###,###)
   
  Non-financial assets  
1200.053 (a) Tangible capital assets (Note 16) #,### #,###
1200.053 (b) Inventories held for use (disclose additional details if material) #,### #,###
1200.053 (c) Prepaid expenses (disclose additional details if material) #,### #,###
  Total Non-financial assets ###,### ###,###
   
1200.038 Accumulated surplus (deficit) (Note 22) ###,### (###,###)
   
1200.039 Contractual obligations (Note 17) N/A N/A
1200.039 Contingent liabilities (Note 18) N/A N/A


___________________________
Signature,
Title
___________________________
Signature,
Title

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ABC First Nations
Consolidated Statement of Operations
For the year ended March 31, 2014 [In thousands of dollars]

Reference   Budget 2013 (Note 26) March 31, 2014 March 31, 2013
   
Segment Disclosure (Note 20)
The accompanying notes and supplementary schedules are an integral part of these consolidated financial statements.
   
1200.074 (a) &
.077-.081
Revenues  
Federal government transfers for operating (Note 19) #,### #,### #,###
Federal government transfers for capital (Note 19) #,### #,### #,###
Provincial government transfers for operating (Note 19) #,### #,### #,###
Provincial government transfers for capital (Note 19) #,### #,### #,###
Contributed assets #,### #,### #,###
Rent #,### #,### #,###
3040.27 Income from portfolio investments #,### #,### #,###
Other investment income #,### #,### #,###
Amounts earned and held in Trust by federal government (Note 4) #,### #,### #,###
3070.58 Income from investment in government business enterprises #,### #,### #,###
Other #,### #,### #,###
  Total Revenues ###,### ###,### ###,###
   
1200.074 (b) &
.082-.085
Expenses  
Education #,### #,### #,###
Health #,### #,### #,###
Economic Development #,### #,### #,###
Housing #,### #,### #,###
Community Services #,### #,### #,###
Social Services #,### #,### #,###
Band Government #,### #,### #,###
Employment Programs #,### #,### #,###
Public works #,### #,### #,###
Administration fees and technical services #,### #,### #,###
Interest #,### #,### #,###
Land claims #,### #,### #,###
Amortization #,### #,### #,###
  Total Expenses ###,### ###,### ###,###
   
1200.074 (c) Annual Surplus (deficit) (Note 23) ###,### ###,### ###,###
   
1200.074 (d) Accumulated surplus (deficit) at beginning of year ###,### ###,### ###,###
   
1200.074 (d) Accumulated surplus at end of year (Note 22) ###,### ###,### ###,###


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ABC First Nations
Consolidated Statement of Change in Net Financial Assets (Net Debt)
For the year ended March 31, 2014 [In thousands of dollars]

Reference   Budget
(Note 26)
March 31, 2014 March 31, 2013
   
The accompanying notes and supplementary schedules are an integral part of these [consolidated] financial statements.
   
1200.091 Annual surplus (deficit) ###,### ###,### (###,###)
   
  Tangible capital assets:  
1200.092 Acquisition of tangible capital assets (#,###) (#,###) (#,###)
1200.092 (b) Proceeds on disposal of tangible capital assets #,### #,### #,###
1200.092 (a) Amortization of tangible capital assets #,### #,### #,###
1200.092 (c) Write-downs on tangible capital assets #,### #,### #,###
1200.092 (b) (Gain) loss on disposal of tangible capital assets #,### #,### #,###
  Total Tangible Capital Assets: ###,### ###,### ###,###
   
1200.092 (g) Acquisition of inventories of supplies (#,###) (#,###) (#,###)
1200.092 (g) Acquisition of prepaid expenses (#,###) (#,###) (#,###)
1200.092 (f) Consumption of inventories held for use #,### #,### #,###
1200.092 (f) Use of prepaid expenses #,### #,### #,###
    ###,### (###,###) (###,###)
   
1200.092 Change in net financial assets (net debt) (###,###) ###,### (###,###)
   
1200.094 Net financial assets (net debt) at beginning of year (###,###) (###,###) (###,###)
   
1200.094 Net financial assets (net debt) at end of year (###,###) ###,### (###,###)


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ABC First Nations
Consolidated Statement of Cash Flows
For the year ended March 31, 2014 [In thousands of dollars]

[note: this has been prepared using the indirect method, the direct method may also be used but has not been presented in these model financial statements)

Reference   March 31, 2014 March 31, 2013
   
The accompanying notes and supplementary schedules are an integral part of these [consolidated] financial statements.
   
1200.100 Operating Transactions  
1200.105 Annual surplus (deficit) #,### #,###
Items not affecting cash: #,### #,###
1200.105 (a) Amortization of tangible capital assets #,### #,###
1200.105 (d) (Gain) loss on disposal of tangible capital assets #,### #,###
1200.105 Net income from government business enterprises #,### #,###
  Change in non-cash charges to operations #,### #,###
1200.105 Accounts receivables #,### #,###
1200.105 Inventories for resale #,### #,###
1200.105 Prepaid expenses #,### #,###
1200.105 Accounts payable and accrued liabilities #,### #,###
1200.105 Deferred revenue #,### #,###
1200.105 Other #,### #,###
  Cash provided by (applied to) operating transactions ###,### ###,###
   
1200.100 Captial Transactions  
1200.108 (b) Proceeds from disposal of tangible capital assets #,### #,###
1200.108 (a) Purchase of tangible capital assets (#,###) (#,###)
  Cash provided by (applied to) capital transactions (###,###) (###,###)
   
1200.100 Investing Transactions  
1200.109 Distributions from government business enterprises #,### #,###
1200.109 Proceeds from redemption of portfolio investments #,### #,###
1200.109 Investments in portfolio investments (#,###) (#,###)
1200.109 Proceeds from loans and advances #,### #,###
1200.109 Investments in government business enterprises (#,###) (#,###)
  Cash provided by (applied to) investing transactions ###,### ###,###
   
1200.100 Financing Transactions  
1200.110 Debt issues #,### #,###
1200.110 Debt retirement (#,###) (#,###)
  Cash provided by (applied to) financing transactions ###,### ###,###
   
1200.099 Increase (decrease) in cash and cash equivalents #,### #,###
   
1200.099 Cash and cash equivalents at beginning of year #,### #,###
   
1200.099 Cash and cash equivalents at end of year ###,### ###,###
   
  Supplementary cash flow information:  
1200.106 Interest received in year #,### #,###
1200.106 Interest paid in year #,### #,###



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ABC First Nations
Notes to Consolidated Financial Statements for the year ended March 31, 2013 (thousands of dollars)

1. Summary of Significant Accounting Policies

A. Basis of accounting

Reference PS 2100.07,.09, 1200.005

These consolidated financial statements have been prepared in accordance with Canadian public sector accounting standards prescribed for governments as recommended by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants.

B. Reporting Entity

Reference PS 2100.09

The ABC First Nation reporting entity includes the ABC First Nation government and all related entities that are controlled by the First Nation.

C. Principles of consolidation

Reference PS 1300, .27, .35, .39, 2100.09(a)

All controlled entities are fully consolidated on a line-by-line basis except for the commercial enterprises which meet the definition of government business enterprise, which are included in the Consolidated Financial Statements on a modified equity basis. Inter-organizational balances and transactions are eliminated upon consolidation.

Under the modified equity method of accounting, only ABC First Nation's investment in the government business enterprise and the enterprise's net income and other changes in equity are recorded. No adjustment is made for accounting policies of the enterprise that are different from those of ABC First Nation.

Organizations consolidated in ABC First Nation's financial statements include:

Organizations accounted for on a modified equity basis include:

Government partnerships (if applicable): no standardized note disclosure for investments in government partnerships has been included in these model statements. It is up to the reporting entity, with the advice of their auditors, to decide what is appropriate in their circumstances.

D. Cash and cash equivalents

Reference PS 1200.096&.097

Cash and cash equivalents include cash on hand, balances with banks net of bank overdrafts and term deposits having a maturity of three months or less at acquisition which are held for the purpose of meeting short-term cash commitments.

E. Inventories for resale

Reference PS 1000.60(b), 1100.23, 1200.48, 1200.51

Inventories of supplies and goods available for resale are recorded at the lower of cost and net realizable value.

F. Loans receivable

Reference PS 3050.54

Loans receivable are recorded at cost less any amount for valuation allowance. Valuation allowances are made when collection is in doubt as assessed by management. Loans are reviewed on an annual basis by [committee, management, etc.]. Interest income is accrued on loans receivable to the extent it is deemed collectable.

G. Portfolio investments

Reference PS 3040.26

Portfolio investments are recorded at cost. Portfolio investments are written down where there has been a loss in value that is other than a temporary decline.

H. Tangible capital assets

Reference PS 3150. 31-33, 40-42, PSG-2.24

Tangible capital assets are recorded at cost, which includes amounts that are directly related to the acquisition, design, construction, development, improvement or betterment of the assets. Cost includes overhead directly attributable to construction and development, as well as interest costs that are directly attributable to the acquisition or construction of the asset.

Leases that transfer substantially all the benefits and risks of ownership to the lessee are recorded as capital leases. Accordingly, at the inception of the leases, the tangible capital asset and related lease obligations are recorded at an amount equal to the present value of future lease payments discounted at the lower of the interest rate inherent in the lease contracts and ABC First Nation's incremental cost of borrowing.

Amortization is provided for on a straight-line basis over their estimated useful lives as follows:

Buildings
##-## years
Roads
##-## years
Furniture and fixtures
##-## years
Appliances
##-## years
Vehicles
##-## years
Computer equipment
##-## years
Other equipment
##-## years

Tangible capital assets are written down when conditions indicate that they no longer contribute to ABC First Nation's ability to provide goods and services, or when the value of future economic benefits associated with the tangible capital assets are less than their net book value. The net write-downs are accounted for as expenses in the consolidated statement of operations.

Contributed capital assets are recorded into revenues at their fair value on the date of donation, except in circumstances where fair value cannot be reasonably determined, in which case they are recognized at nominal value. Transfers of capital assets from related parties are recorded at carrying value.

Certain assets which have historical or cultural value, including works of art, historical documents and historical and cultural artifacts, are not recognized as tangible capital assets. Assets under construction are not amortized until the asset is available to be put into service.

I. Inventories held for use

Reference PS 1000.60 (a), 1100.24, 1200.062

Inventories of supplies held for consumption are recorded at the lower of cost and replacement cost.

J. Employee benefit obligations

Reference PS 3250.100-104

No standardized note disclosure for employee future benefits has been included in these model financial statements. It is up to the reporting entity, with the advice of their auditors, to decide what is appropriate in their circumstances.

K. Revenue Recognition

Reference PS 1200.077-.081, PS 3100.10-11, PS 3410.16-.27,.33-.34,

Revenues are recognized in the period in which the transactions or events occurred that gave rise to the revenues. All revenues are recorded on an accrual basis, except when the accruals cannot be determined with a reasonable degree of certainty or when their estimation is impracticable.

Government transfers are recognized as revenues when the transfer is authorized and any eligibility criteria are met, except to the extent that transfer stipulations give rise to an obligation that meets the definition of a liability. Transfers are recognized as deferred revenue when transfer stipulations give rise to a liability. Transfer revenue is recognized in the statement of operations as the stipulation liabilities are settled.

Contributions from other sources are deferred when restrictions are placed on their use by the contributor, and are recognized as revenue when used for the specific purpose.

Revenue related to fees or services received in advance of the fee being earned or the service is performed is deferred and recognized when the fee is earned or service performed.

L. Foreign currency translation

Reference PS 2600.09-.17

Foreign currency transactions are translated at the exchange rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the exchange rate prevailing at the financial statement date. Gains and losses resulting from foreign currency transactions are included in the consolidated statement of operations.

Unrealized foreign currency gains and losses on long-term monetary assets and liabilities are reported as a component of [describe financial position line item] and amortized over the remaining terms of the related items on a straight-line basis.

M. Measurement uncertainty

Reference PS 2130.06 -.08

In preparing the consolidated financial statements for ABC First Nation, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the period. Items requiring the use of significant estimates include XXXX, XXXX and XXXX. Actual results could differ from these estimates.


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2. Cash and Cash Equivalents

Reference PS 1200.046, 1200.047, 1200.097

Under the terms of an agreement with Canada Mortgage and Housing Corporation, ABC First Nation must set aside funds annually for the repair, maintenance and replacement of worn out assets. These funds are to be held in a separate bank account and invested only in accounts or instruments insured by the Canada Deposit Insurance Corporation or as otherwise approved by the Canada Mortgage and Housing Corporation with any interest earned to be credited as revenue to the Apartment Replacement and Subsidy Fund. Cash and cash equivalents is comprised of the following:

  2014 2013
 
Externally Restricted  
Apartment Replacement and Subsidy xxx xxx
Capital Improvements xxx xxx
Total Externally Restricted xxx xxx
 
Internally Restricted  
Capital Planning xxx xxx
Education xxx xxx
Economic Development xxx xxx
Total Internally Restricted xxx xxx
 
Unrestricted  
Operating xxx xxx
Social Housing xxx xxx
Captial Assets xxx xxx
Total Unrestricted xxx xxx
 
Total cash and cash equivalents xxx xxx
 

3. Accounts Receivable

Reference PS 1200.046-.047

  2014 2013
 
Due from members:  
Rent xxx xxx
Social Housing xxx xxx
Total Due from members: xxx xxx
 
Due from others:  
Services – non members xxx xxx
Other xxx xxx
Total Due from others: xxx xxx
  xxx xxx
Less: allowance for doubtful accounts (xxx) (xxx)
Total Accounts Receivable xxx xxx
 


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4. Trust Funds Held by Federal Government

  March 31, 2013 Additions 2014 Withdrawals 2014 March 31, 2014
Revenue xxx xxx (xxx) xxx
Capital xxx xxx (xxx) xxx
Total xxx xxx (xxx) xxx
 

The trust funds arise from monies derived from capital or revenue sources as outlined in Section 62 of the Indian Act. These funds are held in trust in the Consolidated Revenue Fund of the Government of Canada. The management of these funds is primarily governed by Sections 63 to 69 of the Indian Act.

5. Inventories for resale

PS 1200.046(d), .047

  2014 2013
ABC General Store xxx xxx
Four Winds Café xxx xxx
Total xxx xxx
 

6. Due from Government and Other Government Organizations

Reference PS 1200.046, .047

  2014 2013
Federal government  
Aboriginal Affairs and Northern Development Canada xxx xxx
Health Canada xxx xxx
Canada Mortgage and Housing Corporation xxx xxx
Provincial government xxx xxx
Other government organizations xxx xxx
Total xxx xxx
 

7. Loans Receivable

Reference PS 3050.056

  2014 2013
Amount of loans forgiven during the period amounted to $xxx (2013: $xxx)
Housing loans [bearing interest at %, repayment term] xxx xxx
Other loans to members [bearing interest at %, repayment terms] xxx xxx
Less valuation allowance (xxx) (xxx)
Total xxx xxx
 


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8. Portfolio Investments

Reference PS 3040.28

  2014 2013
XYZ Corp. xxx xxx
TUW Corp. (quoted market value #,###) xxx xxx
Less investment write-down (xxx) (xxx)
Total xxx xxx
 

9. Investments in Government Business Enterprises

Reference PS 3070.60 (a) – (f)

ABC First Nation owns [#%] of ABC Lodge Inc. and [#%] of ABC Forestry Inc.

ABC First Nation's investments in government business enterprises consist of the following:

  2014 2013
ABC Lodge Inc. xxx xxx
ABC Forestry Inc. xxx xxx
Total xxx xxx
 

The following table presents condensed financial information for these commercial enterprises:

Reference PS 3070.62. When presenting condensed supplementary information on the financial position and operating results of GBEs, information may be presented by individual GBE or grouped by major lines of business. The following disclosure is an example of a suggested disclosure by individual GBE. It is up to the reporting entity, with the advice of their auditors, to decide what is appropriate in their circumstances.

  ABC Lodge Inc. ABC Forestry Inc. 2014 Total 2013 Total
Contractual obligations and contingencies to be disclosed

ABC Lodge Inc.
ABC Lodge Inc. is a conference centre and guest lodge that also provides guided fishing.

ABC Forestry Inc.
ABC Forestry Inc. harvests timber for sale to local pulp and paper mills.

Cash xxx xxx xxx xxx
Accounts Receivable xxx xxx xxx xxx
Inventory xxx xxx xxx xxx
Tangible Capital Assets xxx xxx xxx xxx
Other Assets xxx xxx xxx xxx
Total Assets xxx xxx xxx xxx
 
Accounts Payable xxx xxx xxx xxx
Long-term Debt xxx xxx xxx xxx
Other Liabilities xxx xxx xxx xxx
Total Liabilities xxx xxx xxx xxx
Equity xxx xxx xxx xxx
Total Liabilities and Equity xxx xxx xxx xxx
 
Revenue xxx xxx xxx xxx
Expenses xxx xxx xxx xxx
Net Income (loss) xxx xxx xxx xxx
 


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10. Accounts Payable and Accrued Liabilities

Reference PS 1200.042

  2014 2013
Trade payables xxx xxx
Accrued salaries and benefits payable xxx xxx
Other accrued liabilities xxx xxx
Total xxx xxx
 

11. Due to Government and Other Government Organizations

Reference PS 1200.042

  2014 2013
Federal government xxx xxx
Provincial government xxx xxx
Other government organizations xxx xxx
Total xxx xxx

[describe the nature and terms of a ABC First Nations liabilities to other governments includes, at a minimum, the amounts outstanding, interest rates, the amounts payable on demand and within a year, appropriate description of amounts payable after one year and the existence of redemption provisions.]


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12. Deferred Revenue

Reference PS 3100.14-.19, 3100.18

  Balance March 31, 2013 Funding Received 2014 Revenue Recognized 2014 Balance March 31, 2014
[Describe nature of revenue, and reason for deferral for each type of deferred revenue, e.g. government transfers, restricted contributions, etc.]
Federal Government
Capital Projects xxx xxx xxx xxx
Other xxx xxx xxx xxx
Total xxx xxx xxx xxx
 
Provincial Government
Capital Projects xxx xxx xxx xxx
Other xxx xxx xxx xxx
Total xxx xxx xxx xxx
 
Other
Unearned fees xxx xxx xxx xxx
Restricted contributions xxx xxx xxx xxx
Other xxx xxx xxx xxx
Total Other xxx xxx xxx xxx
Total xxx xxx xxx xxx
 


13. Long-Term Debt and Obligations under Capital Leases

Reference PS 3230.15, .17-18, .24-25

  2014 2013
Mortgage payable with payments of $xxxx per month including interest at xxx% per annum, maturing December 1, 200X, secured by a ministerial guarantee from Aboriginal Affairs and Northern Development Canada and a first mortgage on twenty-three housing units. xxx xxx
Mortgage payable with payments of $xxxx per month including interest at xxx% per annum, maturing August 1, 200Y, secured by a ministerial guarantee from Aboriginal Affairs and Northern Development Canada and a first mortgage on thirty housing units. xxx xxx
Mortgage payable with payments of $xxxx per month including interest at xxx% per annum, maturing April 1, 200Z, secured by a ministerial guarantee from Aboriginal Affairs and Northern Development Canada and a first mortgage on eighteen housing units. xxx xxx
Mortgage payable with payments of $xxxx per month including interest at xxx% per annum, maturing April 1, 201A, secured by a ministerial guarantee from Aboriginal Affairs and Northern Development Canada and a first mortgage on nine housing units. xxx xxx
Mortgage payable with payments of $xxxx per month including interest at xxx% per annum, maturing August 1, 201B, secured by a ministerial guarantee from Aboriginal Affairs and Northern Development Canada and a first mortgage on nine housing units. xxx xxx
Amounts repayable upon settlement of land claim. xxx xxx
Total long-term debt xxx xxx

Anticipated annual principal repayments over the next five years and thereafter are as follows:

2015
XXX
2016
XXX
2017
XXX
2018
XXX
2019
XXX
Thereafter
XXX

  2014 2013
Interest expense for the year on long-term debt xxx xxx

Obligations under capital leases

Reference PSG-2 24

[Description of major leases including interest rates, expiry dates and significant conditions of the lease agreement including future contractual obligations, purchase options, terms of renewal and contingencies, and circumstances that require or result in the entity's continuing involvement in the contractual arrangement].

Repayments are due as follows:

  (in $ thousands)
  20X2 20X1
Total interest on leases for the year was [$xxx (20X1: $xx)].
20X3 xxx xxx
20X4 xxx xxx
20X5 xxx xxx
20X6 xxx xxx
20X7 xxx xxx
20X8 — 20XX xxx xxx
Total minimum lease payments xxx xxx
Less amounts representing interest (at prime plus [x%]) (xxx) (xxx)
Present value of net minimum capital lease payments xxx xxx
 


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14. Risk Management

Reference PS 2600.48

[Describe ABC First Nation's policy for managing foreign currency risks including disclosing the amount of exchange gains and losses that have been recognized in the statement of operations.]

15. Employee Benefit Obligations

Reference PS 3250.100-104, 110, 3255.35-36 (Note that PS 3250 provides a number of examples in appendix B)

  2014 2013
Vacation and overtime xxx xxx
Post-employment benefits xxx xxx
Total xxx xxx
 

Vacation and overtime

The vacation and overtime liability is comprised of the vacation and overtime that employees are deferring to future years. Employees have either earned the benefits or are entitled to these benefits within the next budgetary year.

Post-employment benefits

ABC First Nation provides extended health, dental and life insurance benefits to qualifying retirees and their surviving spouses from the date of retirement. The plan is unfunded and requires no contribution from employees. ABC First Nation's cost of these benefits is recognized as a program expenditure as the employees provide service. The most recent actuarial accounting valuation report for the plan was prepared on March 31, 2014. Significant assumptions used in the valuation include a discount rate of X%, annual inflation of X%, and inflationary increases in insurance premiums of X%. Total benefit payments on behalf of retirees during the year amounted to X,XXX (2013 – X,XXX). The post-employment benefit expenditure includes current period benefit costs of X,XXX (2013 – X,XXX) and post-employment benefit interest of X,XXX (2013– X,XXX).

Pension Plan

ABC First Nation provides a defined contribution plan for eligible members of its staff. Members are required to contribute X% of their salary up to a maximum of x% of their basic salary. ABC First Nation contributes X% which contributions are directed to the member's contribution account. The amount of retirement benefit to be received by the employees will be the amount of retirement annuity that could be purchased based on the member's share of the pension plan at the time of the member's withdrawal from the plan. ABC contributed during the year $XX,XXX (2013- $XX,XXX) for retirement benefits. ABC First Nation does not have any other obligations with regards to the pension plan as at March 31, 2014.

16. Tangible Capital Assets

Reference PS 3150.40, PSG-2.24(a)

  Cost Accumulated Amortization Net Book Value
  Opening Balance Additions Disposals Transfers of Assets Closing Balance Opening Balance Amortization Disposals, Write-offs & Other Adjustments Closing Balance Total 2014 Total 2013
Interest: Additions to [buildings] includes capitalized interest of [$#,###] as of March 31, 2014 and [$#,###] as of March 31, 2013.
Tangible Capital Assets
Commercial buildings XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Residential buildings XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Roads XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Furniture and fixtures XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Appliances XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Vehicles XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Computer equipment XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Leasehold improvements XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Other equipment XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
 
Assets Under Construction
Commercial buildings XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Residential buildings XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Roads XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Furniture and fixtures XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Appliances XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Vehicles XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Computer equipment XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Leasehold improvements XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Other equipment XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
 
Leased Tangible Capital Assets
Land XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Buildings XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Informatics equipment XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Assets under construction XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Grand Total XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX

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17. Contractual Obligations

Reference PS 3390.08-.09, 3070.60(d)

The nature of ABC First Nation's activities can result in some multi-year contracts whereby it will be obligated to make future payments when the goods or services are received. Significant contractual obligations that can be reasonably estimated are summarized as follows:

  2015 2016 2017 2018 2019 and thereafter Total
Contract Type xxx xxx xxx xxx xxx xxx
Contract Type xxx xxx xxx xxx xxx xxx
Total xxx xxx xxx xxx xxx xxx

18. Contingent Liabilities

Reference PS 3310.31-32, 3300.27-28

ABC First Nation has entered into contribution agreements with various federal government departments. Funding received under these contribution agreements is subject to repayment if the First Nation fails to comply with the terms and conditions of the agreements.

In addition, in the normal course of its operations, ABC First Nation becomes involved in legal actions. Some of these potential liabilities may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense recorded on ABC First Nation's financial statements.

[Note disclosure of the extent of the potential liabilities and the amounts claimed, unless to do so would have an adverse effect on the outcome. Basis of estimates for contingent liabilities should be disclosed.]

19. Government Transfers

Reference PS 3410.35

  2014 2013
  Operating Capital Total Operating Capital Total
Federal government transfers:
Aboriginal Affairs and Northern Development Canada XXX XXX XXX XXX XXX XXX
Health Canada XXX XXX XXX XXX XXX XXX
Canada Mortgage and Housing Corporation XXX XXX XXX XXX XXX XXX
Other XXX XXX XXX XXX XXX XXX
Total XXX XXX XXX XXX XXX XXX
Provincial government transfers XXX XXX XXX XXX XXX XXX
Total XXX XXX XXX XXX XXX XXX
 

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20. Segment Disclosure

Reference PS 2700.26

ABC First Nation provides a range of services to its members. For management reporting purposes, operations and activities are organized and reported by (Describe basis of segmentation, ex by department, function, control relationship, etc). [Give description of segments and services provided]. For each segment separately reported, the segment revenue and expenses represent both amounts that are directly attributable to the segment and amounts that are allocated on a reasonable basis. The presentation by segment is based on the same accounting policies as described in the summary of Significant Accounting Policies as described in Note 1. The segment results for the period are as follows:

  Education Health Economic Development Housing Social Services Band Government Community Services Other** Total Before Adjustments Consolidation Adjustments Consolidated Totals
  Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013 Budget 2014 2014 2013
** This could include amounts for revenues and expenditures with respect to comprehensive, special or specific ABC First Nations claims.
Revenues:                      
Federal government operating transfers XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Federal government capital transfers XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Provincial government operating transfers XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Provincial government capital transfers XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Contributed assets XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Economic activities XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Income from investments in government business enterprises XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Other revenue XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Total Revenue XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
                       
Expenses:                      
Salaries and Benefits XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Debt Servicing XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Amortization XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Other Expenses XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
Total Expenses XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
                       
Annual Surplus (Deficit) XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX XXX
 

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21. Expenses by Object

Reference PS 1200.082-.88

The following is a summary of expenses by object.

  2014 2013
Salaries and wages xxx xxx
Employee benefits xxx xxx
Staff development xxx xxx
Supplies and services xxx xxx
Interest xxx xxx
Foreign exchange losses xxx xxx
Professional services xxx xxx
Rental expenditures xxx xxx
Fees and contract services xxx xxx
Government transfers xxx xxx
Other xxx xxx
Amortization xxx xxx
Total xxx xxx

22. Accumulated Surplus

[note: This note is to be included at the option of the reporting entity and is not a requirement of Aboriginal Affairs and Northern Development Canada.]

  2014 2013
Internally Restricted  
Invested in tangible capital assets xxx xxx
 
Internally Restricted Other:  
Reserves for future building repairs xxx xxx
Reserves for future minor capital projects xxx xxx
Other xxx xxx
  xxx xxx
 
Externally Restricted  
Describe restricted amounts xxx xxx
  xxx xxx
 
Unrestricted surplus (deficit) xxx xxx
Accumulated surplus (deficit) at end of year xxx xxx

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23. Annual Surplus Net of Capital Related Revenues and Amortization

[note: This note is to be included at the option of the reporting entity and is not a requirement of Aboriginal Affairs and Northern Development Canada.]

  2014 2013
Annual surplus (deficit) xxx xxx
 
Less capital related revenues included in annual surplus:  
Federal government transfers for capital (Note 19) (xxx) (xxx)
Provincial government transfers for capital (Note 19) (xxx) (xxx)
Contributed assets (xxx) (xxx)
  (xxx) (xxx)
 
Add amortization expense included in annual surplus xxx xxx
 
Annual surplus (deficit) net of capital related revenues and amortization xxx xxx

24. Trusts Under Administration

Reference: PS 1300.44

ABC First Nations acts as a trustee for a number of third parties, holding assets and administering them on their behalf. These assets held in trust are not included on the statement of financial position as assets of ABC First Nations. Amounts held in trust at the year-end are the following:

  2014 2013
Trust #1 xxx xxx
Trust #2 xxx xxx
Total xxx xxx
 

25. Subsequent Events

Reference: PS 2400.15

On [Month day year], [description of the nature of the event(s) including the financial effect and/or estimate].

26. Budgeted Figures

Reference: PS 1200.119-125

[Unaudited] Budgeted figures have been provided for comparison purposes and have been derived from the estimates approved by the [name or title of the approver, e.g. Board of Directors/Trustees].

[note: ABC First Nation's budget should be reported on the same basis as that used to report the results of the current period. If the budget was not originally prepared on the same basis, it would be necessary to provide a reconciliation of the restated information with that originally presented in the fiscal plan.]


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