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ONTARIO REGULATION 51/12

made under the

FINANCIAL ADMINISTRATION ACT

Made: March 22, 2012
Approved: April 4, 2012
Filed: April 11, 2012
Published on e-Laws: April 11, 2012
Printed in The Ontario Gazette: April 28, 2012

Amending O. Reg. 395/11

(ACCOUNTING POLICIES AND PRACTICES)

Note: Ontario Regulation 395/11 has not previously been amended.

1.  (1)  The heading preceding section 1 of Ontario Regulation 395/11 is revoked.

(2)  Section 1 of the Regulation is amended by adding the following subsection:

Depreciable tangible capital assets, etc.

(0.1)  This section applies to public entities and to other entities whose financial statements are included in the consolidated financial statements of the Province as set out in the Public Accounts.

(3)  Subsection 1 (1) of the Regulation is amended by striking out “a public entity” in the portion before paragraph 1 and substituting “an entity”.

(4)  The English version of paragraphs 1 and 2 of subsection 1 (1) of the Regulation is amended by striking out “the public entity” wherever it appears and substituting in each case “the entity”.

(5)  Subsection 1 (2) of the Regulation is amended by striking out “a public entity” and substituting “an entity”.

(6)  Subsection 1 (3) of the Regulation is amended by striking out “a public entity” and substituting “an entity”.

(7)  Subsection 1 (4) of the Regulation is amended by striking out “a public entity” and substituting “an entity”.

2.  (1)  The heading preceding section 2 of the Regulation is revoked.

(2)  Subsections 2 (1) and (2) of the Regulation are revoked and the following substituted:

Use of U.S. generally accepted accounting principles

(1)  Hydro One Inc. and Ontario Power Generation Inc. shall prepare their financial statements in accordance with U.S. generally accepted accounting principles.

(2)  This section applies for any financial year of the corporation that begins on or after January 1, 2012.

3.  Section 3 of the Regulation is revoked.

Commencement

4.  This Regulation comes into force on the day it is filed.

Made by:
Pris par :

Treasury Board:
Conseil du Trésor :

Président

Dwight Duncan

Chair

Secrétaire

Steve Orsini

Secretary

Date made: March 22, 2012.
Pris le : 22 mars 2012.

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