Future-oriented Statements 2021-2022
Copyright Board of Canada (116)
Future-Oriented Statement of Operations (Unaudited)
For the year ended March 31
(in dollars) | ||
Forecast Results
2020-21 |
Planned Results
2021-22 |
|
Expenses | ||
Tariff Setting and Issuance of Licences | $ 3,846,095 | $ 3,844,480 |
Internal Services | $ 902,171 | $ 961,120 |
Total expenses | $ 4,748,266 | $ 4,805,600 |
Net cost of operations | $ 4,748,266 | $ 4,805,600 |
The accompanying notes form an integral part of these financial statements
Copyright Board of Canada
Notes to the Future-Oriented Statement of Operations (Unaudited)
At March 31
1. Authority and Objectives
As an economic regulator, an independent administrative tribunal and a key institution of Canada’s intellectual property ecosystem, the Copyright Board of Canada’s (the Board) role is to establish fair and equitable tariffs and licences for the use of collectively managed, copyright-protected content as articulated in the Copyright Act.
The Act provides that the Board intervenes in three areas, namely approving tariffs for works whose rights are managed by collective societies, the granting of licences for the use of works for which the right owners cannot be found, and arbitration in the event a collective society and user cannot agree on royalties.
The Board reports annually to Parliament through the Minister of Innovation, Science and Industry.
2. Methodology and Significant Assumptions
The future-oriented statement of operations has been prepared on the basis of the government priorities and departmental plans as described in the Departmental Plan.
The information in the forecast results for fiscal year 2020–21 is based on actual results as at December 31, 2020 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2021–22.
The main assumptions are as follows:
- The Copyright Board of Canada’s activities will remain substantially the same as for the previous year.
- Expenses, including the determination of amounts internal and external to the government, are based on historical experience. The general historical pattern is expected to continue.
- Estimated year-end information for 2020–21 is used as the opening position for 2021–22 planned results.
These assumptions are made as at December 31, 2020.
3. Variations and Changes to the Forecast Financial Information
Although every attempt has been made to forecast final results for the remainder of 2020–21 and for 2021–22, actual results achieved for both years are likely to differ from the forecast information presented, and this variation could be material due to the pandemic situation (COVID-19).
In preparing the Future-Oriented Statements of Operations, the Copyright Board of Canada has made estimates and assumptions about the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are based on past experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually evaluated.
Factors that could lead to material differences between the Future-Oriented Statement of Operations and the historical statement of operations include:
- The timing and the amount of acquisitions and disposals of property, plant and equipment, which may affect gains, losses and amortization expense.
- The implementation of new collective agreements.
- Other changes to the operating budget, such as new initiatives or technical adjustments later in the year.
After the Departmental Plan is tabled in Parliament, the Copyright Board of Canada will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates. Variances will be explained in the Departmental Results Report.
4. Summary of Significant Accounting Policies
The Future-Oriented Statement of Operations has been prepared using the Government of Canada’s accounting policies in effect for fiscal year 2020–21, and is based on Canadian public sector accounting standards. These accounting policies, stated below, are based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.
Significant accounting policies are as follows:
- Expenses
Expenses are generally recorded when goods are received or services are rendered and include expenses related to personnel, professional and special services, repair and maintenance, utilities, materials and supplies, as well as amortization of tangible capital assets. Provisions to reflect changes in the value of assets or liabilities are also included in the expenses.
5. Parliamentary Authorities
The Copyright Board of Canada is financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided to the Copyright Board of Canada differs from financial reporting according to generally accepted accounting principles because authorities are based mainly on cash flow requirements. Items recognized in the Future-Oriented Statement of Operations in one year may be funded through parliamentary authorities in prior, current or future years. Accordingly, the Copyright Board of Canada has different net cost of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:
a) Reconciliation of the net cost of operations to requested authorities
(in dollars) | ||
Forecast Results
2020-21 |
Planned Results
2021-22 |
|
Net cost of operations before government funding and transfers | $ 4,748,266 | $ 4,805,600 |
Adjustments for items affecting net cost of operations but not affecting appropriations Add (less): |
||
Services provided without charge by other government departments | $ (500,965) | $ (504,160) |
Amortization of tangible capital assets | $ (21,633) | $ (21,633) |
Requested authorities forecasted to be used | $ 4,225,668 | $ 4,279,807 |
b) Authorities provided/requested
(in dollars) | ||
Forecast Results
2020-21 |
Planned results
2021-22 |
|
Authorities provided/requested | ||
Vote 45 - Operating expenditures | $ 3,834,507 | $ 3,881,666 |
Statutory Amounts | $ 391,161 | $ 398,141 |
Total authorities provided/requested | $ 4,225,668 | $ 4,279,807 |