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Gas Pipeline Uniform Accounting Regulations (SOR/83-190)

Regulations are current to 2024-08-18 and last amended on 2020-03-16. Previous Versions

SCHEDULE III(ss. 6, 9, 14 and item 212 of Sch. I)

Index of Accounts

Retained Earnings Accounts

  • 350 
    Balance Transferred from Income
  • 351 
    Prior Period Adjustments
  • 352 
    Miscellaneous Retained Earnings Adjustments
  • 353 
    Income Tax Applicable to Retained Earnings Adjustments
  • 357 
    Dividend Appropriations

Text Pertaining to Retained Earnings Accounts

General

The balance in all retained earnings accounts shall be closed to balance sheet account 212 (Retained Earnings) at the end of such calendar year or other fiscal year as is approved by the Commission for the closing of the company’s accounts.

  • 350 
    Balance Transferred from Income

    This account shall show the debit or credit balances brought forward from the income accounts for the fiscal year.

  • 351 
    Prior Period Adjustments
    • (1) Unless otherwise directed by the Commission, a company shall include in this account all material adjustments to the income of prior fiscal years when such adjustments have all four of the characteristics set out in subsection 78(1).

    • (2) Representative List of Items of Prior Period Adjustments to be included. (See section 14 of these Regulations)

      • Adjustments or settlements of income taxes
      • Adjustments or settlements of claims resulting from litigation
  • 352 
    Miscellaneous Retained Earnings Adjustments
    • (1) This account shall include adjustments to retained earnings not provided for elsewhere.

    • (2) A company shall not use this account without obtaining the prior approval of the Commission.

  • 353 
    Income Tax Applicable to Retained Earnings Adjustments

    This account shall include the estimated federal, provincial or other government income taxes (debit or credit) assignable to the aggregate of items, of both taxable income and deductions from taxable income, that, for accounting purposes, are recorded in retaining earnings accounts.

  • 357 
    Dividend Appropriations
    • (1) This account shall include the amount of dividends declared out of retained earnings during the year on all classes of outstanding shares.

    • (2) Subsidiary records shall be maintained showing separately the dividends declared on each class of shares.

    • (3) When dividends are paid in other than money, complete details of each transaction shall be maintained.

    • (4) Dividends declared out of contributed surplus shall be debited to account 210 (Contributed Surplus).

 

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