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Annual REPORT - Elections Manitoba

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ELECTIONS MANITOBA<br />

RETURNING OFFICES - 40 th GENERAL ELECTION<br />

NOTES TO FINANCIAL STATEMENTS<br />

MARCH 31, 2012<br />

1. ENTITY DEFINITION<br />

<strong>Elections</strong> <strong>Manitoba</strong> is an independent office of the Legislative Assembly for the Province<br />

of <strong>Manitoba</strong>.<br />

These financial statements reflect the financial activity relating to the operation of the<br />

57 provincial Returning Offices for the 40 th General Election. These costs are required to<br />

fulfil statutory obligations under The <strong>Elections</strong> Act.<br />

2. SIGNIFICANT ACCOUNTING POLICIES<br />

These financial statements are in accordance with Canadian public sector accounting<br />

standards and reflect the following policies:<br />

Financial Instruments<br />

Fair market value<br />

The carrying value of financial instruments consisting of accounts<br />

receivable and bank indebtedness approximate fair value due to their<br />

short term maturity.<br />

Use of Estimates<br />

The preparation of the financial statements in conformity with Canadian public<br />

sector accounting standards requires management to make estimates and assumptions<br />

that affect the reported amounts of assets and liabilities (and disclosure<br />

of contingent assets and contingent liabilities) at the date of the financial<br />

statements and the reported amount of revenues and expenses during the<br />

reporting period. By their nature, these estimates are subject to measurement<br />

uncertainty and actual amounts could differ from these estimates.<br />

3. STATEMENT OF CASH FLOWS<br />

A statement of cash flows has not been presented, as it was determined that there was<br />

no significant value added to the financial statements by preparing the statement.<br />

APPENDIX C<br />

66

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