GreatNorthCollective/greatnorth-canada-federal-laws-text huggingface dataset:
Oil 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/86-999, s. 12] (4) Where securities having a fixed maturity date and recorded in account 2 (Temporary Cash Investments), account 20 (Investments in Affiliated Companies), account 21 (Other Investments), account 22 (Sinking Funds), or account 23 (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 406 (Income from Investments), account 405 (Income from Affiliated Companies) or account 407 (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/86-999, s. 12
Oil Pipeline Uniform Accounting Regulations — 64
64 (1) Where the gain or loss on the sale of assets recorded in account 2 (Temporary Cash Investments) is material, the company shall inform the Regulator and shall transfer the amount of the gain or loss to account 402 (Extraordinary Income) or to account 422 (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 406 (Income from Investments). SOR/86-999, s. 13 SOR/2020-50, s. 4
Oil 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 422 (Extraordinary Income Deductions) and concurrently credit account 2 (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 406 (Income from Investments) and concurrently credited to account 2 (Temporary Cash Investments). SOR/86-999, s. 14 SOR/2020-50, s. 4
Oil Pipeline Uniform Accounting Regulations — 66
66 (1) Where the gain or loss on the sale of assets recorded in account 20 (Investments in Affiliated Companies) or account 21 (Other Investments) is material, the company shall inform the Regulator and shall transfer the amount of the gain or loss to account 402 (Extraordinary Income) or to account 422 (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 410 (Other Income) or to account 420 (Other Income Deductions), as applicable. SOR/86-999, s. 15 SOR/2020-50, s. 4
Oil 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 20 (Investment in Affiliated Companies) or account 21 (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 422 (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 415 (Provision for Loss in Valuation of Investments). SOR/86-999, s. 16 SOR/2020-50, s. 4
Oil 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 oil transportation system. (2) A company shall credit the amount of a write-down referred to in subsection (1) to account 74 (Allowance for Loss in Value of Investments) and debit that amount to account 415 (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 422 (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 74 by debiting the amount of the profit to that account and concurrently crediting account 404 (Investment Valuation Adjustment) unless the profit is material, in which case it shall be credited to account 402 (Extraordinary Income). SOR/2020-50, s. 5
Oil 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.
Oil Pipeline Uniform Accounting Regulations — Oil 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 )
Oil 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 )
Oil Pipeline Uniform Accounting Regulations — Oil 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 )
Oil Pipeline Uniform Accounting Regulations — 70
70 (1) Premiums received on the issuance of par value capital stock shall be credited to account 91 (Contributed Surplus). (2) The cost of issuing capital stock shall be debited to account 42 (Organization Expenses). (3) [Revoked, SOR/86-999, s. 17] SOR/86-999, s. 17
Oil 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 41 (Unamortized Debt Discount and Expense) or account 76 (Unamortized Premium on Long Term Debt). (2) All the debit balances in the subaccounts referred to in subsection (1) shall be considered as part of the balance in account 41 (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 76 (Unamortized Premium on Long Term Debt). (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 418 (Amortization of Discount on Long Term Debt), or credit the entire amount to account 408 (Release of Premium on Long Term Debt), as applicable.
Oil Pipeline Uniform Accounting Regulations — 72
72 In each fiscal period of a company, there shall be debited to account 418 (Amortization of Discount on Long Term Debt), and credited to account 41 (Unamortized Debt Discount and Expense), a portion of each of the debit balances included in account 41 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 income account 408 (Release of Premium on Long Term Debt) and debited to account 76 (Unamortized Premium on Long Term Debt), a similar portion of each of the credit balances included in account 76.
Oil 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 capital stock, 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 41 (Unamortized Debt Discount and Expense) or debited to account 76 (Unamortized Premium on Long Term Debt), as applicable, and where the amount is not material, concurrently debited to account 418 (Amortization of Discount on Long Term Debt) or credited to account 408 (Release of Premium on Long Term Debt), 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 422 (Extraordinary Income Deductions) or credit the amount to account 402 (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 to account 418 or credits to account 408, as applicable, 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 422 (Extraordinary Income Deductions), or credit the amount to account 402 (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/86-999, s. 18 SOR/2020-50, s. 4 SOR/2020-50, s. 5
Oil Pipeline Uniform Accounting Regulations — 74
74 (1) Where any long term debt is reacquired and included in account 24 (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 420 (Other Income Deductions) or credited to account 410 (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 422 (Extraordinary Income Deductions) or credit the amount to account 402 (Extraordinary Income), as applicable. SOR/86-999, s. 19 SOR/2020-50, s. 4
Oil 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 75 (Allowance for Doubtful Accounts) to the extent that an allowance has been provided therefor.
Oil 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 86 (Other Long Term Debt).
Oil 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/86-999, s. 20] SOR/86-999, s. 20
Oil 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 303 (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 income to account 302 for the year. SOR/86-999, s. 21 SOR/2020-50, s. 4
Oil Pipeline Uniform Accounting Regulations — 79
79 (1) [Revoked, SOR/86-999, s. 22] (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/86-999, s. 22
Oil 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.
Oil Pipeline Uniform Accounting Regulations — 81
81 (1) A company shall record any amounts earned as a result of its tariff relating to oil allowances covering losses due to shrinkage or other factors. (2) Oil allowances referred to in subsection (1) shall be valued at not more than the market value at point of delivery and shall be debited to account 9 (Oil Inventory) and concurrently shall be credited to account 505 or 555 (Allowance Oil Revenue). (3) Gains in oil allowances resulting from pumping, temperature corrections or other factors shall be debited to account 9 (Oil Inventory) and credited to account 505 or 555 (Allowance Oil Revenue). (4) Shortages in oil allowances shall be debited to account 505 or 555 (Allowance Oil Revenue) and credited to account 9 (Oil Inventory). (5) Where, at balance sheet date, the debits to account 505 or 555 (Allowance Oil Revenue) exceed the credits, the net debit shall be debited to account 620-8 or 720-8 (Oil Loss).
Oil Pipeline Uniform Accounting Regulations — 82
82 (1) Where the operations of a company have consumed oil that has been accounted for by a debit to account 9 (Oil Inventory), that account shall be credited and account 620-2 or 720-2 (Operating Fuel and Power) shall be debited with the oil at the value of the inventory of oil carried in account 9. (2) Oil lost through line breaks or other extraordinary circumstances shall be accounted for by debiting account 620-8 or 720-8 (Oil Loss) and crediting account 9 (Oil Inventory), and purchases of oil to replenish shortages or losses shall be accounted for by debiting account 9. (3) Where a company requires part of its oil inventory to provide an operating oil supply, account 33 (Operating Oil Supply) shall be debited and account 9 (Oil Inventory) shall be credited with the value of the oil so required and the oil shall be priced at the value at which it is carried in inventory. (4) Sales of oil shall be accounted for by a credit to account 9 (Oil Inventory) or account 33 (Operating Oil Supply), as applicable, and the difference between the selling price and the value at which the oil is recorded in account 9 or 33 shall be debited or credited, as applicable, to account 620-8 or 720-8 (Oil Loss).
Oil Pipeline Uniform Accounting Regulations — 6
6 Accounts receivable — affiliated companies
Oil Pipeline Uniform Accounting Regulations — 31
31 Accumulated depreciation — transportation plant
Oil Pipeline Uniform Accounting Regulations — 32
32 Accumulated amortization — transportation plant
Oil Pipeline Uniform Accounting Regulations — 35
35 Accumulated depreciation — other plant
Oil Pipeline Uniform Accounting Regulations — 37
37 Accumulated amortization — improvements to leased facilities
Oil Pipeline Uniform Accounting Regulations — 38
38 Transportation plant leased to others
Oil Pipeline Uniform Accounting Regulations — 39
39 Transportation plant under construction
Oil Pipeline Uniform Accounting Regulations — 40
40 Accumulated amortization — other plant
Oil Pipeline Uniform Accounting Regulations — 41
41 Unamortized debt discount and expense
Oil Pipeline Uniform Accounting Regulations — 44
44 Preliminary survey and investigation costs
Oil Pipeline Uniform Accounting Regulations — 53
53 Accounts payable — affiliated companies
Oil Pipeline Uniform Accounting Regulations — 71
71 Accumulated tax reductions applicable to future years
Oil Pipeline Uniform Accounting Regulations — 74
74 Allowance for loss in value of investments
Oil Pipeline Uniform Accounting Regulations — 76
76 Unamortized premium on long term debt
Oil Pipeline Uniform Accounting Regulations — 93
93 Excess of appraised value of fixed assets over depreciated cost
Oil Pipeline Uniform Accounting Regulations — 1
1 Cash This account shall include (a) commercial bank accounts available for general chequing purposes as distinguished from bank accounts provided for special deposits or other special purposes; (b) petty cash funds; and (c) funds received by a company, recorded as cash receipts and undeposited at the close of the accounting period.
Oil Pipeline Uniform Accounting Regulations — (a)
This account shall include (a) commercial bank accounts available for general chequing purposes as distinguished from bank accounts provided for special deposits or other special purposes; (b) petty cash funds; and (c) funds received by a company, recorded as cash receipts and undeposited at the close of the accounting period.
Oil Pipeline Uniform Accounting Regulations — (a)
(a) commercial bank accounts available for general chequing purposes as distinguished from bank accounts provided for special deposits or other special purposes;
Oil Pipeline Uniform Accounting Regulations — (c)
(c) funds received by a company, recorded as cash receipts and undeposited at the close of the accounting period.
Oil Pipeline Uniform Accounting Regulations — 2
2 Temporary Cash Investments This account shall include the cost of securities acquired for the purpose of temporarily investing cash, such as government treasury bills, deposit receipts, short term notes and other investments of a short term nature. ( See Regulations, sections 63, 64 and 65).
Oil Pipeline Uniform Accounting Regulations — Oil Pipeline Uniform Accounting Regulations
This account shall include the cost of securities acquired for the purpose of temporarily investing cash, such as government treasury bills, deposit receipts, short term notes and other investments of a short term nature. ( See Regulations, sections 63, 64 and 65).
Oil Pipeline Uniform Accounting Regulations — 3
3 Special Deposits This account shall include (a) the unexpended balances of funds deposited specifically for the payment of dividends, interest and other current liabilities; and (b) other deposits subject to current withdrawal for specific purposes only, including amounts deposited with airlines, utilities, or unemployment insurance commissions.