Tourism Saskatchewan - IndustryMatters.com

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YEAR ENDED SEPTEMBER 30, 2011 1. DESCRIPTION OF BUSINESS The Tourism Authority (the “Authority”), operating as Tourism Saskatchewan, was incorporated as a nonprofit organization under the Tourism Authority Act and commenced operations on October 1, 1994. The Authority was formed to promote and develop tourism in Saskatchewan on behalf of the tourism industry and the Government of Saskatchewan. 2. SIGNIFICANT ACCOUNTING POLICIES The financial statements have been prepared in accordance with Canadian generally accepted accounting principles: a) Revenue Recognition The Authority follows the deferral method of accounting for grant contributions. Unrestricted contributions are recognized as revenue when received or receivable if the amount to be received can be reasonably estimated, collection is reasonably assured, and the expenses relating to the contribution are incurred. Revenue received by the Authority in advance of the actual performance of services is deferred and is recorded as unearned revenue. Partnership, Advertising, Listing, and Membership revenue is recognized as earned. Funds received for services that relate to the future, are deferred and recognized as revenue when earned. Interest is recognized as earned. Retail sales are recognized as revenue on the date of sale. b) Cash Cash comprises monies on deposit and is recognized at their fair value. Fair value is approximated by the instrument’s initial cost in a transaction between unrelated parties. c) Inventory Inventory is valued at the lower of cost and net realizable value. d) Capital Assets Capital assets are recorded at cost and are amortized over their estimated useful lives. Amortization expense is calculated using the straightline method at the following annual rates: Photo library 10% to 20% Furniture and equipment 10% to 20% Computer equipment and systems 25% to 33% Leasehold improvements 10% Signs and displays 20% Video and video footage 33% e) Income Taxes The Authority is incorporated as a non-profit organization and is exempt from income taxes under paragraph 149(1)(l) of the Income Tax Act. f) Use of Estimates The preparation of financial statements in accordance with Canadian generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may vary from the current estimates. Accounts receivable are stated after evaluation as to the collectability and an appropriate allowance for doubtful accounts is provided where considered necessary. Amortization is based on the estimated useful lives of the asset. These estimates and 48
YEAR ENDED SEPTEMBER 30, 2011 assumptions are reviewed periodically and, as adjustments become necessary, they are reported in earnings in the period in which they become known. g) Financial Instruments The Authority has classified cash, accounts receivable, and accounts payable and accrued liabilities as financial instruments held for trading. Held for trading financial assets and liabilities are financial instruments that are acquired or incurred principally for the purpose of selling or repurchasing the instrument in the near term. These instruments are initially recognized at their fair value. Fair value is approximated by the instrument’s initial cost in a transaction between unrelated parties. Held for trading financial instruments are carried at fair value with both realized and unrealized gains and losses included in net income. Initial cost approximates fair value due to the short-term nature of the instruments. Long-term debt is classified as other liabilities and is measured at amortized cost using the effective interest rate method. Transactions to purchase or sell these items are recorded on the trade date. Transaction costs related to held for trading financial instruments are expensed as incurred. The Authority assesses impairment of all its financial assets. Impairment is measured as the difference between the asset’s carrying value and its fair value. Any impairment, which is not considered temporary, is included in current year earnings. h) Future Accounting Pronouncements In October 2010, the Accounting Standards Board (AcSB) approved the accounting standards for private sector not-for-profit organizations (NFPOs) to be included in Part III of the CICA Handbook-Accounting (“Handbook”). Part III will comprise: Elk Ridge Resort • The existing “4400 series” of standards dealing with the unique circumstances of NFPOs, currently in Part V of the Handbook; and • The new accounting standards for private enterprises in Part II of the Handbook, to the extent that they would apply to NFPOs. Effective for fiscal years beginning on or after January 1, 2012, private sector NFPOs will have the option to adopt either Part III of the Handbook or International Financial Reporting Standards (IFRS). Earlier adoption is permitted. The Authority expects to adopt Part III of the Handbook as its new financial reporting standards. The Authority has not yet determined the impact of the adoption of Part III of the Handbook on September 30, 2013 financial statements. 49
Page 2 and 3: illion in travel expenditures in 20
Page 4 and 5: Saskatchewan’s tourism sector exp
Page 6 and 7: The tourism sector in Saskatchewan
Page 8 and 9: Membership Over 1,700 Marketing Dir
Page 10 and 11: Tourism Saskatchewan is governed by
Page 12 and 13: This past year has been one of cont
Page 14 and 15: 12 The past year has been a tumultu
Page 16 and 17: Instilling a “Culture of Quality
Page 18 and 19: The 2010-2011 fiscal year was a per
Page 20 and 21: Tourism Saskatchewan underwent some
Page 22 and 23: One of Tourism Saskatchewan’s End
Page 24 and 25: events. Overall, close to 3 million
Page 26 and 27: The Ministry of Government Services
Page 30 and 31: announcement of major highway impro
Page 32 and 33: certification in tourism profession
Page 34 and 35: 32 One of Tourism Saskatchewan’s
Page 36 and 37: 34 Cultural Partnership In 2010, To
Page 40 and 41: Tourism Saskatchewan has introduced
Page 42 and 43: Several Task Team members were a pa
Page 44 and 45: To the Members of Tourism Saskatche
Page 46 and 47: AS AT SEPTEMBER 30, 2011 2011 2010
Page 48 and 49: YEAR ENDED SEPTEMBER 30, 2011 Inter
Page 52 and 53: YEAR ENDED SEPTEMBER 30, 2011 50 3.
Page 54 and 55: YEAR ENDED SEPTEMBER 30, 2011 c) Ed
Page 56 and 57: YEAR ENDED SEPTEMBER 30, 2011 ADMIN
Page 58 and 59: YEAR ENDED SEPTEMBER 30, 2011 MEMBE
Page 60: Photography by Davin Andrie, Paul A

Tourism Saskatchewan - IndustryMatters.com

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