2004 Crown Investments Corporation of Saskatchewan Annual Report
2004 Crown Investments Corporation of Saskatchewan Annual Report
2004 Crown Investments Corporation of Saskatchewan Annual Report
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Notes to Consolidated Financial StatementsDecember 31, <strong>2004</strong>1. Summary <strong>of</strong> Significant Accounting PoliciesThese financial statements have been prepared by management in accordance with Canadian generallyaccepted accounting principles, within reasonable limits <strong>of</strong> materiality, using the accounting policiessummarized below:a) Consolidation principles and basis <strong>of</strong> presentationCertain <strong>Saskatchewan</strong> provincial <strong>Crown</strong> corporations are designated as subsidiary <strong>Crown</strong> corporations<strong>of</strong> <strong>Crown</strong> <strong>Investments</strong> <strong>Corporation</strong> <strong>of</strong> <strong>Saskatchewan</strong> (CIC) under The <strong>Crown</strong> <strong>Corporation</strong>s Act, 1993(the Act). In addition, certain <strong>Saskatchewan</strong> provincial <strong>Crown</strong> corporations created under the Act areCIC <strong>Crown</strong> corporations. The Act assigns specific financial and other responsibilities regarding thesecorporations to CIC.Separate audited financial statements for CIC have been prepared on a non-consolidated basis to showthe financial position and results <strong>of</strong> operations <strong>of</strong> the corporate entity. In addition, separate auditedfinancial statements for each <strong>of</strong> the undernoted <strong>Crown</strong> corporations are prepared and submittedannually to the Legislative Assembly.The following <strong>Crown</strong> corporations have been designated or created as subsidiary <strong>Crown</strong> corporations <strong>of</strong>CIC and have been consolidated in these financial statements:Information Services <strong>Corporation</strong> <strong>of</strong> <strong>Saskatchewan</strong>Investment <strong>Saskatchewan</strong> Inc.SaskEnergy Incorporated<strong>Saskatchewan</strong> Development Fund <strong>Corporation</strong><strong>Saskatchewan</strong> Government Growth FundManagement <strong>Corporation</strong><strong>Saskatchewan</strong> Government Insurance<strong>Saskatchewan</strong> Opportunities <strong>Corporation</strong><strong>Saskatchewan</strong> Power <strong>Corporation</strong><strong>Saskatchewan</strong> Telecommunications<strong>Saskatchewan</strong> TelecommunicationsHolding <strong>Corporation</strong><strong>Saskatchewan</strong> Transportation Company<strong>Saskatchewan</strong> Water <strong>Corporation</strong>Throughout these financial statements the phrase “the <strong>Corporation</strong>” is used to collectively describe theactivities <strong>of</strong> the consolidated entity.b) Joint venturesThe <strong>Corporation</strong>’s share <strong>of</strong> jointly controlled enterprises included in these financial statements are asfollows:Canadian Power Consultants 14%Centennial Foods Partnership 35%Cory Cogeneration Funding <strong>Corporation</strong> 50%Cory Cogeneration Joint Venture 50%Foragen Technologies Limited Partnership 33%Heritage Gas Limited 50%Hypor B.V. 50%Hypor LP 50%Meadow Lake Pulp Limited Partnership 50%NewGrade Energy Inc. 50%c) Short-term investmentsShort-term investments have an average maturity date <strong>of</strong> 90 days or less from the date <strong>of</strong> acquisition.These investments are carried at cost which approximates market value.67
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