This page has been archived.
Information identified as archived on the Web is for reference, research or recordkeeping purposes. It has not been altered or updated after the date of archiving. Web pages that are archived on the Web are not subject to the Government of Canada Web Standards. As per the Communications Policy of the Government of Canada, you can request alternate formats on the "Contact Us" page.
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 operated on a full accrual accounting basis according to Generally Accepted Accounting Principles for publicly accountable Canadian reporting entities during the year and adopted International Financial Reporting Standard (IFRS) effective April 1, 2011. Overall, OSFI recovered all its expenses for the fiscal year 2010-2011. 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 in accordance with the Guide to the Preparation of Part III of the 2010-11 Estimates. Typically the differences result from the accounting treatment of capital expenditures and accounts receivable.
|Equity of Canada||0.0%||$27,538||$27,538|
The change in OSFI’s total assets is predominantly related to an increase in Accounts Receivable due to the later than usual base assessment billing for the Life and Property & Casualty (P&C) insurance industries.
The change in OSFI’s total liabilities is mainly attributed to increases in accrued liabilities related to unearned base assessments and pension plan fee revenues. The unearned revenues represent amounts collected in advance of the incurrence of costs.
|Net cost of operations||0.0%||$0||$0|
OSFI matches its revenue to its operating costs. The 4.6% increase in OSFI’s expenses is largely related to the growth in FTEs as explained in the “Expenditure Profile” section of this report.
OSFI’s Audited Financial Statements, which are published in the Annual Report can be found on the OSFI website at: http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?DetailID=647
All electronic supplementary information tables listed below for the 2010–2011 Departmental Performance Report can be found on the Treasury Board of Canada Secretariat’s website at: http://www.tbs-sct.gc.ca/dpr-rmr/2010-2011/index-eng.asp.
Phone: 1-800-385-8647 (Monday through Friday, between 8:30 a.m. and 6:00 p.m. (Eastern Time).
Head Office and mailing address:
255 Albert Street