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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 three
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