Annual Report 2024-25

The Association of Professional Engineers and Geoscientists of the Province of British Columbia Notes to Non-consolidated Financial Statements June 30, 2025

With respect to financial assets measured at cost or amortized cost, the Organization recognizes in the non consolidated statement of revenue and expenses an impairment loss, if any, when it determines that a significant adverse change has occurred during the period in the expected timing or amount of future cash flows.

Controlled funds

a) Engineers and Geoscientists BC Foundation (the Foundation)

The Foundation provides financial support to fund, facilitate and promote activities and programs related to education in engineering and geoscience. The Foundation was incorporated on May 11, 1993 under the Societies Act of British Columbia and is a registered charity under the Income Tax Act (Canada). The Organization controls the operations of the Foundation through its ability to appoint the Directors, who direct all activities of the Foundation. The Organization does not consolidate the financial results of the Foundation. The registrant-supported branches and divisions provide local support to the registrants of the Organization throughout the region of British Columbia. The registrant-supported branches and divisions were unincorporated entities. In the current year, the branches and divisions programs were transferred to BC Society of Engineering and Geoscience (BCSEG), the new independent advocacy body for the profession. The Organization previously controlled the operations of the registrant-supported branches and divisions as it held a significant economic interest and shared complementary objectives with the registrant-supported branches and divisions. The Organization did not consolidate the financial results of the registrant supported branches and divisions. Bank accounts and cash flows for all registrant-supported branches and divisions were managed and recorded by the Organization’s finance department. Financial information for the controlled funds is provided in note 12.

b) Registrant-supported branches and divisions

Use of estimates

The preparation of non-consolidated 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 as at the date of the non-consolidated financial statements and revenue and expenses during the year. Areas requiring the use of estimates relate to determining the useful lives of property and equipment, useful lives of intangible assets and the fair value of investment. Financial results, as determined by actual events, may differ materially from those estimates.

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