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TBS has updated the Accounting Standard 1.2 on Departmental and Agency Financial Statements which comes into effect in 2010–2011. SWC has elected to adopt the new standard early and, due to new requirements in the standard, has restated its 2008–2009 statements of financial position and equity.
% Change | 2008–09 Restated | 2009–10 | |
---|---|---|---|
ASSETS | |||
Financial assets | 27% | 2,785,407 | 3,538,994 |
Non-financial assets | –41% | 463,638 | 272,660 |
Total Assets | 17% | 3,249,045 | 3,811,654 |
LIABILITIES | |||
Total Liabilities | 13% | 4,717,928 | 5,352,850 |
EQUITY | |||
Total Equity | –5% | (1,468,883) | (1,541,196) |
TOTAL | 17% | 3,249,045 | 3,811,654 |
% Change | 2008–09 | 2009–10 | |
---|---|---|---|
EXPENSES | |||
Total Expenses | –3% | 33,818,263 | 32,895,290 |
REVENUES | |||
Total Revenues | –100% | 145 | — |
NET COST OF OPERATIONS | –3% | 33,818,118 | 32,895,290 |
Total assets were approximately $3.8 million at the end of 2009–2010, a 17% increase over the previous year’s total. Total assets are comprised of: 92% or approximately $3.5 million is “Due from the Consolidated Revenue Fund”; 7% or approximately $0.3 million is “Tangible Capital Assets”; and 1% or $0.02 million is “Receivables and Advances.”
In 2009–2010, SWC conducted a review of all its capital assets and associated amortization. Changes and corrections required led to the sharp decrease in its non-financial assets from 2008–2009.
Total liabilities were $5.4 million at the end of 2009–2010, a 13% increase from the previous year’s total. Accounts payable and accrued liabilities are the largest component of liabilities. Together they represent 69% of total liabilities. The 13% increase is mostly explained by the addition of new accounts payable for transfer payments to different organizations.
In 2009–2010, SWC’s total expenses were $32.9 million, a 3% decrease from the previous year’s total. This decrease is mostly explained by the slight drop in funding available for Transfer Payments as less funding was re-profiled from previous fiscal years.
For financial statements, please visit:
http://www.swc-cfc.gc.ca/account-resp/pr/fin/0910-eng.html
The electronic Supplementary Information Tables in the 2009–2010 Departmental Performance Report can be found on the Treasury Board of Canada Secretariat’s website at:
http://www.tbs-sct.gc.ca/dpr-rmr/st-ts-eng.asp
For questions on financial information, contact:
Cynthia Paquette
Director, Corporate Services
Telephone: 613-947-1453
Fax: 613-947-6113
E-mail: cindy.paquette@swc-cfc.gc.ca
For other questions, contact:
Ainalem Tebeje
Manager, Strategic Planning, Audit and Evaluation
Telephone: 613-995-1811
Fax: 613-943-2386
E-mail: ainalem.tebeje@swc-cfc.gc.ca
For other publications, please visit the SWC web site:
http://www.swc-cfc.gc.ca
1 The variance between planned spending and actual spending under Internal Services is a result of having centralized the accounting for certain expenditures, such as the cost for the employee benefit plan. Previously, these costs were accounted for across the three program activities.
2 The three areas of priority are: women’s economic security and prosperity, violence against women and girls, and women’s leadership and decision-making roles.
3 http://www.catalyst.org/publication/247/women-in-management-in-canada.