Annual Report 2025-2026

The Association of Professional Engineers and Geoscientists of the Province of British Columbia Notes to Non-consolidated Financial Statements June 30, 2026

Property and equipment are tested for impairment when conditions indicate that the asset no longer contributes to the Organization’s ability to provide goods and services, or that the value of future economic benefits or service potential associated with the asset is less than its net carrying amount. When conditions indicate that the asset is impaired, the net carrying amount of the asset is written down to the asset’s fair value or replacement cost. The writedowns of property and equipment assets are recognized as expenses in the non consolidated statement of revenue and expenses. Writedowns are not subsequently reversed.

Donated services

The Organization and its registrants benefit from donated services in the form of volunteer time for various committees. Donated services are not recognized in these non-consolidated financial statements.

Cash

Cash consists of cash on deposit and high interest savings accounts with banks.

Investments

Guaranteed investment certificates are recorded at cost, which is calculated as the certificate deposit amount.

Investments with maturities within one year from the year-end date have been classified as short-term investments.

Donations of investments in kind, if any, are recorded at market value on the date of donation.

Financial instruments

The Organization’s financial instruments consist of cash, short-term investments, interest receivable, accounts receivable and accounts payable and accrued liabilities. Financial instruments are initially measured at fair value and subsequently carried at cost, with the exception of investments comprising guaranteed investment certificates and treasury bills, which are carried at amortized cost. Interest income is recognized over the lives of the instruments using the effective interest method. 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.

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