GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Gas Pipeline Uniform Accounting Regulations — 57
57 A company shall keep records of depreciable plant and plant retirements in sufficient detail to show the service life of plant that has been retired and to permit the service life of plant to be estimated by the use of the mortality method or other appropriate method. SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 58
58 For the purposes of sections 59 and 60, amortization means the gradual recovery of an amount included in account 100 (Gas Plant in Service), account 101 (Gas Plant Leased to Others), account 102 (Gas Plant Held for Future Use) or account 110 (Other Plant) by distributing such amount over a fixed period or over the estimated remaining life of the plant.
Gas Pipeline Uniform Accounting Regulations — 59
59 Where it is anticipated by a company that plant will be abandoned owing to the exhaustion of a particular source of traffic, obsolescence or any other cause, the company shall not change from depreciation accounting to amortization accounting without first obtaining the authorization of the Commission. SOR/2020-50, s. 11 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 60
60 (1) The monthly debits for amortization of gas plant included in account 100 (Gas Plant in Service), account 101 (Gas Plant Leased to Others) or account 102 (Gas Plant Held for Future Use) shall be debited to account 304 (Amortization). (2) Amortization on assets included in account 110 (Other Plant) shall be debited to account 311 (Expense of Other Plant).
Gas Pipeline Uniform Accounting Regulations — 61
61 (1) Insurance premiums paid to insurance companies shall be debited to account 723 (Insurance), unless the premiums are chargeable to clearing accounts or relate to (a) the construction of pipeline facilities; or (b) employee benefits. (2) Insurance costs relative to the construction of pipeline facilities shall be debited pro rata to the appropriate plant accounts. (3) Insurance costs relative to employee benefits shall be debited to account 725 (Employee Benefits). (4) Any amount recovered from the insurance referred to in subsection (1), (2) or (3) shall be credited to the account or accounts originally debited with the related loss or expense. (5) Where a company elects to create and maintain reserves for self-insurance, account 723 (Insurance) shall be debited with estimated amounts in lieu of commercial insurance premiums, and account 290 (Insurance Appropriations) shall be credited with the estimated amounts. (6) A schedule of risks covered by self-insurance shall be kept showing the character of the risk covered and the rates used to compute estimated amounts referred to in subsection (5). (7) The rates referred to in subsection (6) shall not exceed commercial rates for the same protection. (8) Where, as a result of an event or accident covered by self-insurance, costs are incurred of a type that would normally be debited to an expense account, such costs shall be debited to the insurance appropriations account and any excess of the expenditure over the applicable self-insurance shall be debited to the appropriate expense account. (9) Where the self-insurance schedule referred to in subsection (6) covers the retirement of plant, the accounting for the retirement shall be as outlined in section 36 and the self-insurance applicable to the retired item shall be transferred from account 290 (Insurance Appropriations) to account 105 (Accumulated Depreciation — Gas Plant) or account 106 (Accumulated Amortization — Gas Plant), as applicable. (10) Where a company insures with a commercial insurance company any risks covered by self-insurance, the premiums for the insurance policy shall be debited to the insurance appropriations account and any recoveries under the policies shall be credited thereto. SOR/86-998, s. 14(E) SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 62
62 (1) Cash, securities or other assets set aside for a specific purpose shall be debited to account 122 (Sinking Funds), account 123 (Miscellaneous Special Funds) or account 131 (Special Deposits), as applicable, and the appropriate asset account shall be credited. (2) Income from assets held in account 122 (Sinking Funds) and account 123 (Miscellaneous Special Funds) shall be credited to account 316 (Income from Sinking and Other Funds). (3) Where a mortgage or any contractual obligation entered into by a company requires that income from assets held in a fund be added to that fund, the company shall make the necessary transfer to the fund account. (4) Where a transfer referred to in subsection (3) is to account 123 (Miscellaneous Special Funds), and represents a company’s contribution to account 291 (Welfare and Pension Appropriations) or to account 290 (Insurance Appropriations), the company shall concurrently debit account 329 (Other Income Deductions) and credit account 291 or 290, as applicable, with the amount transferred. (5) A company’s contribution to account 291 (Welfare and Pension Appropriations) or to account 290 (Insurance Appropriations) shall be provided by debits to expenses. (6) Where the gain or loss on the sale of assets recorded in account 122 (Sinking Funds) or account 123 (Miscellaneous Special Funds) is material, the company shall inform the Regulator and shall transfer the gain or loss to account 331 (Extraordinary Income) or account 341 (Extraordinary Income Deductions), as applicable. (7) Where the gain or loss on the sale of assets referred to in subsection (6) is not material, the company shall transfer the gain or loss to account 316 (Income from Sinking and Other Funds) or account 329 (Other Income Deductions), as applicable. SOR/86-998, s. 15 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 63
63 (1) In this section and sections 64 to 68, cost means the amount of money paid by a company to acquire securities or, where the consideration paid for the securities is other than money, the money value of the consideration at the time the securities are acquired. (2) A company shall record the cost of its investment in securities, excluding amounts paid for accrued interest and accrued dividends, in the appropriate accounts at the time of acquisition of the securities. (3) [Revoked, SOR/86-998, s. 16] (4) Where securities having a fixed maturity date and recorded in account 132 (Temporary Cash Investments), account 120 (Investments in Affiliated Companies), account 121 (Other Investments), account 122 (Sinking Funds) or account 123 (Miscellaneous Special Funds) are purchased at a discount or premium, that discount or premium may be amortized over the remaining life of the securities by periodic debits or credits to the account in which the cost of the securities is recorded, with corresponding credits or debits to account 314 (Income from Investments), account 315 (Income from Affiliated Companies) or account 316 (Income from Sinking and Other Funds), as applicable, and if the amount to be amortized does not exceed $1,000, a company may write off the total discount or premium at one time. (5) No amortization entries shall be recorded in respect of discounts on securities held as investments unless there is reason to believe that the securities will be disposed of at a sum equal to their par value, or that the par value will be collected at maturity. SOR/86-998, s. 16 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 64
64 (1) Where the gain or loss on the sale of assets recorded in account 132 (Temporary Cash Investments) is material, the company shall inform the Regulator and shall transfer the amount of the gain or loss to account 331 (Extraordinary Income) or account 341 (Extraordinary Income Deductions), as applicable. (2) A gain or loss on a sale referred to in subsection (1) that is not material shall be transferred to account 314 (Income from Investments). SOR/86-998, s. 17 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 65
65 (1) Where the amount required to provide for reductions in the market value of temporary cash investments is material, the company shall inform the Regulator and shall debit the amount required to account 341 (Extraordinary Income Deductions) and concurrently credit account 132 (Temporary Cash Investments). (2) Where the amount required to provide for reductions in the market value of temporary cash investments is not material, it shall be debited to account 314 (Income from Investments) and concurrently credited to account 132 (Temporary Cash Investments). SOR/86-998, s. 18 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 66
66 (1) Where the gain or loss on the sale of assets recorded in account 120 (Investments in Affiliated Companies) or account 121 (Other Investments) is material, the company shall inform the Regulator and shall transfer the amount of the gain or loss to account 331 (Extraordinary Income) or account 341 (Extraordinary Income Deductions), as applicable. (2) A gain or loss on a sale referred to in subsection (1) that is not material shall be transferred to account 319 (Other Income) or to account 329 (Other Income Deductions), as applicable. SOR/86-998, s. 19 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 67
67 (1) A company shall be governed by recognized accounting principles in reducing the value at which securities are recorded in account 120 (Investment in Affiliated Companies) or account 121 (Other Investments) to reflect anticipated loss in value. (2) Permanent impairment of the value of securities referred to in subsection (1) shall be recorded in the accounts but fluctuations in market value shall not be recorded. (3) Where a reduction in the value of securities referred to in subsection (1) is material, the company shall inform the Regulator and shall debit the amount of the reduction to account 341 (Extraordinary Income Deductions). (4) Where a reduction in the value of securities referred to in subsection (1) is not material, the company shall debit the amount of the reduction to account 326 (Provision for Loss in Valuation of Investments). SOR/86-998, s. 20 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 68
68 (1) Subject to the approval of the Commission, a company may write down its investment in a separately incorporated company controlled by the company to reflect the company’s share of the losses of the separately incorporated company, where the operation of such a company is considered to be an integral part of the company’s gas transportation system. (2) A company shall credit the amount of a write-down referred to in subsection (1) to account 126 (Allowance for Loss in Value of Investments) and debit that amount to account 326 (Provision for Loss in Valuation of Investments) unless the amount of the write-down is material, in which case it shall be debited to account 341 (Extraordinary Income Deductions). (3) Subject to the approval of the Commission, where a company provides for a loss in accordance with this section and the separately incorporated company makes a profit in a subsequent year, the controlling company shall adjust the allowance for losses recorded in account 126 (Allowance for Loss in Value of Investments) by debiting the amount of the profit to that account and concurrently crediting account 326 (Provision for Loss in Valuation of Investments) unless the profit is material, in which case it shall be credited to account 331 (Extraordinary Income). SOR/2020-50, s. 11 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 69
69 (1) In sections 70 to 74, discount means the excess of the par or stated value of any security issued or resold over the value of the consideration received for the security; ( escompte ) expense includes (a) any commission paid for marketing equity and debt securities, (b) the cost of preparing and distributing prospectuses, (c) the cost of preparing certificates and other similar documents, and (d) legal fees in respect of the issuance of securities; ( dépenses ) premium means the excess value of the consideration received from the issue or resale of securities over the par or stated value of the securities. ( prime ) (2) Where a prospectus includes the issuance of long-term debt and capital stock, the items of expense that are distinguishable as to debt or stock shall be segregated and the remaining expenses shall be apportioned by using the ratio that the proceeds of long-term debt or capital stock bear to the total proceeds. (3) Separate ledger accounts shall be maintained for each class or subclass of securities.
Gas Pipeline Uniform Accounting Regulations — Gas Pipeline Uniform Accounting Regulations
discount means the excess of the par or stated value of any security issued or resold over the value of the consideration received for the security; ( escompte )
Gas Pipeline Uniform Accounting Regulations — (a)
expense includes (a) any commission paid for marketing equity and debt securities, (b) the cost of preparing and distributing prospectuses, (c) the cost of preparing certificates and other similar documents, and (d) legal fees in respect of the issuance of securities; ( dépenses )
Gas Pipeline Uniform Accounting Regulations — Gas Pipeline Uniform Accounting Regulations
premium means the excess value of the consideration received from the issue or resale of securities over the par or stated value of the securities. ( prime )
Gas Pipeline Uniform Accounting Regulations — 70
70 (1) Premiums received on the issuance of par value shares shall be credited to account 210 (Contributed Surplus). (2) The cost of issuing shares shall be debited to account 177 (Share Capital Expense) and subsequent costs of issuing shares shall be debited to account 728 (Other General Expense). (3) [Revoked, SOR/86-998, s. 21] SOR/86-998, s. 21
Gas Pipeline Uniform Accounting Regulations — 71
71 (1) The total discount and expense or the total premium less expense, as the case may be, associated with each series of each class of long-term debt shall be recorded in a separate subaccount of account 170 (Unamortized Debt Discount and Expense) or account 270 (Unamortized Debt Premium and Expense). (2) All the debit balances in the subaccounts referred to in subsection (1) shall be considered as part of the balance in account 170 (Unamortized Debt Discount and Expense). (3) All the credit balances in the subaccounts referred to in subsection (1) shall be considered as part of the balance in account 270 (Unamortized Debt Premium and Expense). (4) Where the total discount and expense or the total premium less expense applicable to any particular issue of securities does not exceed $25,000, a company, at the time of issue, may debit the entire amount to account 321 (Amortization of Debt Discount, Premium and Expense), as applicable. SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 72
72 In each fiscal period of a company, there shall be debited to account 321 (Amortization of Debt Discount, Premium and Expense), and credited to account 170 (Unamortized Debt Discount and Expense), a portion of each of the debit balances included in account 170 and the calculation of that portion shall be based on the ratio of the fiscal period to the remaining life of the respective securities, calculated from the beginning of the fiscal period to the date of maturity of the debt to which the charges relate, and correspondingly there shall be credited to account 321 (Amortization of Debt Discount, Premium and Expense) and debited to account 270 (Unamortized Debt Premium and Expense), a similar portion of each of the credit balances included in account 270. SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 73
73 (1) Where any issue or series of long-term debt of a company is redeemed before its maturity date, otherwise than by exchange or conversion into shares, the amount of the unamortized debt discount and expense or unamortized premium less expense applicable to the portion of the debt redeemed shall be credited to account 170 (Unamortized Debt Discount and Expense) or debited to account 270 (Unamortized Debt Premium and Expense), as applicable, and where the amount is not material, concurrently debited or credited to account 321 (Amortization of Debt Discount, Premium and Expense) as applicable, in the year of redemption. (2) Where the amount referred to in subsection (1) is material, the company shall inform the Regulator and shall debit the amount to account 341 (Extraordinary Income Deductions) or credit the amount to account 331 (Extraordinary Income), as applicable. (3) Notwithstanding subsections (1) and (2), where an issue or series of long-term debt of a company is redeemed before its maturity date by refunding through the issuance of new long-term debt, the company may, where the amount is not material, amortize the amount of unamortized discount and expense or unamortized premium less expense applicable to the portion of the debt redeemed, by regular debits or credits as applicable, to account 321 over a period not exceeding the lesser of the remainder of the original life of the issue or series redeemed or the life of the new long-term debt. (4) Where the amount referred to in subsection (3) is material, the company shall inform the Regulator and shall debit the amount to account 341 (Extraordinary Income Deductions), or credit the amount to account 331 (Extraordinary Income), as applicable. (5) Where an issue or series of long-term debt of a company is redeemed before its maturity date by exchange for or conversion into capital stock of the company, the manner of accounting for the transaction shall be subject to the prior approval of the Commission. SOR/86-998, s. 22 SOR/2020-50, s. 11 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 74
74 (1) Where any long-term debt is reacquired and included in account 221 (Company Long-term Debt Owned), and the amount of the difference between the amount paid upon reacquisition and the par value plus the applicable unamortized premium or minus the applicable unamortized discount and expense, as the case may be, is not material, the amount of the difference shall be debited to account 329 (Other Income Deductions) or credited to account 319 (Other Income), as applicable. (2) Where the amount of the difference referred to in subsection (1) is material, the company shall inform the Regulator and shall debit the amount of the difference to account 341 (Extraordinary Income Deductions) or credit that amount to account 331 (Extraordinary Income), as applicable. SOR/86-998, s. 23 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 75
75 (1) Subject to subsection (2), current assets shall include cash and other assets that are not restricted from use for current operations and, in the normal course of operations, are expected to be converted into cash or consumed in the production of income within a one-year period. (2) Materials and supplies shall be included in current assets notwithstanding that they may not be consumed in a one-year period. (3) Current assets that are of doubtful value shall be written down or written off to the appropriate income or operating expense accounts to an extent required to adjust their value, but uncollectable accounts receivable shall be debited to account 145 (Allowance for Doubtful Accounts) to the extent that an allowance has been provided therefor.
Gas Pipeline Uniform Accounting Regulations — 76
76 (1) Current liabilities shall include obligations that are payable on demand or that mature or become due within one year. (2) Notwithstanding subsection (1), loans payable that have a maturity date within a one-year period and (a) have been incurred primarily for the construction of plant, and (b) will be replaced by long-term financing, may be included in account 249 (Other Long-term Debt).
Gas Pipeline Uniform Accounting Regulations — 77
77 (1) Where, during any month, a transaction has occurred that affects the accounts of a company but the amount involved cannot be determined with accuracy at the end of that month, the amount shall be estimated and included in the proper accounts, unless it would not appreciably affect the accounts. (2) Where the actual amount involved in a transaction referred to in subsection (1) has been finally determined, the estimated amount referred to in that subsection shall be adjusted to show the actual amount. (3) [Revoked, SOR/86-998, s. 24] SOR/86-998, s. 24 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 78
78 (1) Where, in any fiscal year of a company, the amount of an adjustment to the income of a company for a prior fiscal year is material and the amount of the adjustment (a) is specifically identified with and directly related to the business activities of a particular prior fiscal year, (b) is not attributable to economic events or obsolescence occurring subsequent to the date of the financial statements for such prior fiscal year, (c) depends primarily on decisions or determinations by persons other than the company, and (d) could not be reasonably estimated prior to such decisions or determinations, the company shall inform the Regulator and shall record the amount of the adjustment in account 351 (Prior Period Adjustments). (2) Where, in any fiscal year of a company, the amount of an adjustment to the income of a company for a prior fiscal year is not material, the company shall include the amount of the adjustment in the same accounts in which it would have been recorded if it had been recorded in that prior fiscal year. (3) For the purposes of this section, the following shall be applied in determining materiality: (a) items of a similar nature shall be considered in the aggregate and dissimilar items shall be considered individually; and (b) to qualify for inclusion as a prior period item, the item should exceed the greater of one per cent of the total operating revenue and 10 per cent of the balance transferred from utility income accounts to account 350 (Balance Transferred from Income) for the year. SOR/86-998, s. 25 SOR/2020-50, s. 12 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 79
79 (1) [Revoked, SOR/86-998, s. 26] (2) The par value of securities or the total value of other obligations for which a company with other parties is jointly and severally liable shall be stated as a liability only in the amount that was not primarily assumed by the other parties under the terms of the agreement by which the company and the other parties become jointly and severally liable. (3) The amount by which the value referred to in subsection (2) exceeds the liability stated or subsequently established according to the agreement shall be shown as a contingent liability. SOR/86-998, s. 26 SOR/2020-50, s. 13(F)
Gas Pipeline Uniform Accounting Regulations — 80
80 (1) For the purposes of these Regulations, one company is affiliated with another company if one of them is the subsidiary of the other or both are subsidiaries of the same company or each of them is controlled by the same person. (2) For the purposes of these Regulations, a company is a subsidiary of another company if (a) it is controlled by (i) that other company, (ii) that other company and one or more companies each of which is controlled by that other company, or (iii) two or more companies each of which is controlled by that other company; or (b) it is a subsidiary of a company that is subsidiary to that other company. (3) For the purposes of these Regulations, a company is controlled by another company or person or by two or more other companies if (a) shares of the company carrying more than 50 per cent of the votes for the election of directors are held, otherwise than by way of security only, by or for the benefit of that other company or person or by or for the benefit of such other companies; and (b) the votes carried by shares referred to in paragraph (a) are sufficient, if exercised, to elect a majority of the board of directors of the company. SOR/2020-50, s. 13(F)