SK Association for Safe Workplaces in Health 2014 Annual Report | Page 20

SASKATCHEWAN ASSOCIATION FOR SAFE
WORKPLACES IN HEALTH INC.

SASKATCHEWAN ASSOCIATION FOR SAFE
WORKPLACES IN HEALTH INC.

Notes to Financial Statements

Notes to Financial Statements (continued)

Year ended December 31, 2014

Year ended December 31, 2014

3.
1.

Significant accounting policies (continued):

Nature of operations:
(b) Financial assets and liabilities (continued):
The Saskatchewan Association for Safe Workplaces in Health Inc. (the "Corporation") is
incorporated under The Non-Profit Corporations Act of Saskatchewan. The primary purpose of
the Corporation is to develop and coordinate safety training programs for safety and injury
prevention for workers in the province of Saskatchewan.
Pursuant to a funding agreement, the Corporation receives significant funding revenue from the
Saskatchewan Workers' Compensation Board (the "WCB") to finance the development and
co-ordination of the safety training programs referred to above. As a result, the Corporation is
dependent upon the continuance of this funding to maintain operations at their current level.
The agreement provides further that all property, plant and equipment or assets acquired for
safety program development and training are deemed to be supplied by the WCB and shall
remain the property of the WCB. Additionally, the agreement provides that on dissolution of the
Corporation, assets will be transferred to the WCB.

2.

(c) Property, plant and equipment:
Property, plant and equipment is recorded at cost. Amortization is calculated using the
straight-line method over their estimated useful lives as follows:

Basis of preparation:
The financial statements for the year ended December 31, 2014 have been prepared in
accordance with Canadian Accounting Standards for Not-For-Profit Organizations outlined in Part
III of the C H