Investor Presentaiton
debt are classified as loans and receivables, which are reported at amortized
cost. Accounts payable and accrued liabilities are classified as other financial
liabilities which are carried at amortized cost.
Purchases and sales of these financial instruments are recognized at
the settlement date.
d) Real Property
Real property is initially recorded at fair market value as determined by
professional appraisals or the Service New Brunswick property assessment in
cases where appraisals are not available. In subsequent years, real property is
valued at the lower of its initial recorded amount or its fair market value.
e) Other assets
Other assets which include jewellery, collectibles, vehicles, and other tangible
assets are recorded for these financial statements at an aggregate nominal value
of $1, as valuation of these assets is not readily determinable.
f) Use of Estimates
The preparation of financial statements in conformity with Canadian generally
accepted accounting principles requires management to make estimates and
assumptions that affect reported amounts of assets and liabilities at the date of
the financial statements, and the reported amounts of revenues and expenses
during the reported period. Actual results could differ from management's best
estimates, as additional information becomes available in the future. Significant
estimates in these statements relate to the completeness of client debt.
g) For fiscal years beginning on or after January 1, 2011, government
organizations are required to determine which accounting framework to adopt for
financial statement reporting purposes based on guidance provided by the
Canadian Institute of Chartered Accountants (CICA). The PT has not determined
which accounting standards it will follow, however management is currently
reviewing options for future adoption. Although the full scope of the changes has
not been determined by the PT, it is anticipated that adoption of new accounting
standards will result in changes to the presentation of these financial statements.
3- Financial Risk Management
As a Trustee, the PT is responsible for managing the assets owned by each
client under its authority. The PT must exercise the care, skill, diligence and
judgment of a prudent investor for its clients.
Under Section 11 of the Public Trustee Act, the PT is permitted to create
common funds within the trust fund account. The PT has established threeView entire presentation