ANNUAL REPORT 2008/09 - BC Transit

BRITISH COLUMBIA TRANSITNotes to Financial StatementsYear ended March 31, 2009 ($000)2. Summary of significant accounting policies (continued):this decision. PSAB decided to re-examine their conclusions and on February 24, 2009,PSAB released an Invitation to Comment on Financial Reporting by GovernmentOrganizations. The comment period closed on April 17, 2009 and final approval isanticipated in September 2009.The Invitation to Comment provides various alternatives with respect to the futureaccounting framework for government organizations other than a government not-forprofit.Based on the definitions of government organizations and the alternativesavailable, the Invitation to Comment would allow management to self-select between thePublic Sector Accounting Handbook or IFRS.Once the Invitation to Comment is complete and upon final approvals from PSAB,management will be able to complete its evaluation process. Accordingly, BC Transit isnot able to determine the potential impact of this changeover or its impact at this date.(p) Comparative figures:Certain 2008 comparative figures have been reclassified to conform with the financialstatement presentation for the current year.3. Cash and cash equivalents:BC Transit considers deposits in banks, certificates of deposit and short-term investments withoriginal maturities of three months or less as cash and cash equivalents.(a) Major components of cash and cash equivalents are as follows:2009 2008Cash $ 4,872 $ 3,783Short-term investments 18,668 17,883$ 23,540 $ 21,666(b) Supplemental cash flow information:2009 2008Cash paid during the year for:Interest on long-term debt and notes payable $ 6,554 $ 6,936Cash received:Interest on investments 2,860 3,33845BC TRANSIT 2008/09 ANNUAL REPORT13