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Section III: Supplementary Information
3.1 Financial Highlights
The future-oriented financial highlights presented within this RPP are intended to serve as a general overview of OSFI’s operations. These financial highlights are prepared on an accrual basis to strengthen accountability and improve transparency and financial management and to provide relevant, reliable, comparable and understandable information to the primary users of OSFI’s financial statements. The primary users are the regulated financial institutions and private pension plans – that is, the paying stakeholders to whom OSFI is accountable – and their respective industry associations, who on the whole operate financially on an accrual basis based on standards applicable to publicly accountable enterprises (PAEs) in the CICA Handbook – Accounting.
The primary users of OSFI’s financial statements are required to adopt IFRS and OSFI will be doing the same effective April 1, 2011. Accordingly, the Forecast for 2011-2012 has been prepared in accordance with IFRS.
Future-oriented financial statements can be found on OSFI’s web site at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=1548.
| % Growth |
Estimated Results 2010–2011 |
Forecast 2011–2012 |
|
|---|---|---|---|
| Expenses | 12.1 | 112.0 | 125.5 |
| Total Expenses | 12.1 | 112.0 | 125.5 |
| Revenues | 12.1 | 112.0 | 125.5 |
| Total Revenues | 12.1 | 112.0 | 125.5 |
| Net Cost of Operations | 0 | 0 | 0 |
OSFI matches its revenues to its costs. The difference between the figures above and the planned spending amounts provided in other sections of the RPP is due to a different basis of accounting and relate to such items as non-respendable revenues, amortization, severance pay liability adjustment and accrued interest costs. For more information, refer to the full future-oriented financial statement found on OSFI’s Web site. In addition, the Forecast for 2011-2012, presented on a modified cash basis, includes an increase of $10.2 million, or an 8.7% increase over the planned spending for 2011-2012 provided in this report. The increase is largely related to additional resource requirements and OSFI’s continued investments in information systems, as explained in the “Expenditure Profile” section of this report. This also accounts for the year-over-year increase of 12.1% in revenues and expenses in 2011-2012 on an accrual basis.
3.2 List of Tables
All electronic supplementary information tables which accompany the 2011–2012 Report on Plans and Priorities can be found on the Treasury Board of Canada Secretariat’s web site at: http://www.tbs-sct.gc.ca/rpp/st-ts-eng.asp.
The following tables are available on the TBS web site:
- Greening Government Operations
- Internal Audits
- Sources of Respendable and Non-Respendable Revenue
- Summary of Capital Spending by Program Activity
3.3 Other Items of Interest
OSFI Plan and Priorities 2011-2014, available on OSFI’s web site at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=1249