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(a) Fair Value of Property and Equipment
UFA has elected the exemption in Section 1500, paragraph 12 and revalued certain parcels of its land to fair value
as at the date of transition.
(Stated in thousands of Canadian dollars)
Balance Sheet as at
December 27, 2009
based on previous
financial statements
Changes in
Retained Earnings
Balance Sheet as at
December 28, 2009
based on ASPE
Property and equipment at deemed cost
Land $ 36,237 $ 19,334 $ 55,571
Property and equipment at cost less accumulated depreciation
Buildings, fences and yards $ 107,634 $ – $ 107,634
Equipment 59,979 – 59,979
Computer equipment and system software 14,529 – 14,529
Automotive equipment 2,593 – 2,593
Leased assets 35,681 – 35,681
In progress 7,058 – 7,058
$ 227,474 $ – $ 227,474
$ 263,711 $ 19,334 $ 283,045
(b) Unamortized Actuarial Losses for Employee Future Benefits
UFA has elected the exemption in Section 1500, paragraph 14 and has recognized all cumulative actuarial losses
in opening retained earnings at the date of transition. The company therefore revalued its accrued pension liability
at the date of transition.
(Stated in thousands of Canadian dollars)
Balance Sheet as at
December 27, 2009
based on previous
financial statements
Changes in
Retained Earnings
Balance Sheet as at
December 28, 2009
based on ASPE
Accrued benefit obligation, end of year $ 85,383 $ – $ 85,383
Market value of plan assets, end of year 77,449 – 77,449
Deficit of plan at end of year (7,934) – (7,934)
Unamortized net actuarial loss 5,982 (5,982) –
Accrued liability $ (1,952) $ (5,982) $ (7,934)
(c) Future Income Tax Liability
The ASPE elections relating to revaluation of land and recognition of unamortized actuarial losses resulted in a net
future income tax liability of $ 0.922 million.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 13
UFA 2011 Unabridged Annual Report 40