2. Basis of preparation (continued):
(c) Basis of measurement:
The financial statements have been prepared on the historical cost basis except for the following:
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(i) Where held, financial instruments at fair value through profit or loss, are measured at fair value.
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(ii) The accrued benefit related to the Commission’s unfunded defined benefit plan is actuarially determined and is measured at the present value of the defined benefit obligation.
(d) Functional and presentation currency:
These financial statements are presented in Canadian dollars, which is the Commission's functional currency. All financial information presented in Canadian dollars has been rounded to the nearest thousand dollars.
(e) Use of estimates and judgements:
The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses and disclosure of contingent assets and liabilities. Actual results may differ from those estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future periods affected.
In particular, information about significant areas of estimation uncertainty that have the most significant effect on the amounts recognized in these financial statements, include:
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(i) Note 3(h) – Determination of the performance obligation for deferred revenue – contributions from customers and the related amortization period
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(ii) Note 5 – Unbilled revenue: measurement of revenues not yet billed
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(iii) Note 7 – Property, plant and equipment: useful lives and the identification of significant components of property, plant and equipment
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(iv) Note 12 – Employee future benefits: measurement of the defined benefit obligation