EGBC_AnnualReport_2023-2024

The Association of Professional Engineers and Geoscientists of the Province of British Columbia Notes to Non-consolidated Financial Statements June 30, 2024

Financial instruments

The Organization’s financial instruments consist of cash and cash equivalents, 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.

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 are unincorporated entities. The Organization controls the operations of the registrant-supported branches and divisions as it holds a significant economic interest and shares complementary objectives with the registrant-supported branches and divisions. The Organization does not consolidate the financial results of the registrant-supported branches and divisions. Bank accounts and cash flows for all registrant-supported branches and divisions are managed and recorded by the Organization’s finance department.

b) Registrant-supported branches and divisions

Financial information for the controlled funds is provided in note 12.

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