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OSFI is funded mainly through asset-based, premium-based or membership-based assessments on the financial institutions and private pension plans that OSFI regulates and supervises, and a user-pay program for selected services. OSFI also receives revenues for cost-recovered services and a parliamentary appropriation for actuarial services relating to public sector employee pension and insurance plans.
OSFI operates on a full accrual accounting basis according to GAAP for publicly accountable Canadian reporting entities. Overall, OSFI recovered all its expenses for the fiscal year 2009-2010. The tables and charts below provide highlights from OSFI’s balance sheet and statement of operations and comprehensive income, as presented in its audited financial statements. As such, there are differences between these tables and those presented in other sections of the Departmental Performance Report, which are prepared on the modified cash basis of accounting. Typically the differences result from the accounting treatment of capital expenditures and accounts receivable.
Further details on OSFI’s finances are detailed in its Audited Financial Statements, which are published in the Annual Report. OSFI’s annual reports can be accessed on its Web site under About OSFI/ Reports/ Annual Reports.
|Condensed Balance Sheet
At End of Year (March 31, 2010)
|Liabilities And EQUITY OF CANADA|
|Total Equity of Canada||0.0%||$27.5||$27.5|
|TOTAL LIABILITIES AND EQUITY OF CANADA||5.6%||$65.8||$62.3|
The change in OSFI’s total assets is predominantly related to OSFI’s Cash Entitlement account. Cash increased primarily due to receipts related to a Specified Purpose Account for insurance company liquidations.
The change in OSFI’s total liabilities is mainly attributed to increases in accounts payable and accrued liabilities related to liquidation recoveries owing to the Property & Casualty industry (that will be distributed in 2010-2011) and unearned pension plan fee revenues. The unearned revenues represent amounts collected in advance of the incurrence of costs, in accordance with billing formulae in the Pension Benefits Standards Regulations, 1985.
|Condensed Statement of Operations and Comprehensive Income
At End of Year (March 31, 2009)
|NET RESULTS OF OPERATIONS AND COMPREHENSIVE INCOME||0%||0||0|
OSFI matches its revenue to its operating costs. The increase of 10.8% in OSFI’s expenses is largely related to the growth in full-time equivalents as explained in the “Expenditure Profile” section of this report.
OSFI’s Audited Financial Statements, which are published in the Annual Report can be accessed on its Web site under About OSFI / Reports / Annual Reports.
In keeping with TBS guidelines, the following tables are only available electronically, and can be found on the Treasury Board of Canada’s Web site at: