Effective: APRIL 1, 1998
Responsibility: Vice-President and Chief Financial Officer
1. CORPORATE PAYROLL - REGULAR
- Accruals will be provided monthly by the Corporate Payroll system. Regions/Networks will record adjustments for staffing activities not yet reflected in the Corporate Payroll.
2. INVOICES, CONTRACTS AND OTHER ACCOUNTS PAYABLE
- The value of goods/services received which are not paid, or the liability not recorded, at the end of the month being reported on will require the recording of accruals or estimates. For invoices associated with purchase orders, the cost center will be charged once the goods/services are recognized as received in SAP and thus no accrual is required. All significant/material amounts should be accrued for each area of activity. The senior Finance and Administration officers may establish different limits for different areas.
- Amortization will be recorded in the General Ledger on a monthly basis in accordance with the appropriate Finance and Administration Capital Asset Policies and Procedures.
4. OTHER NON-BUDGETARY ITEMS
- Estimates for items such as termination benefits, vacation pay, time off in lieu (T.O.I.L.), will be recorded by Head Office (Accounting Operations), using information and/or data provided by Human Resources.
5. UNSIGNED UNION AGREEMENTS
- Estimates for costs related to unsigned collective agreements will be the responsibility of Head Office.
6. RECOVERY OF EXPENSE
- Expense recoveries due from sources external to the CBC/Radio-Canada, which are material in amount and not otherwise recorded by specific accounting processes, will be accrued at month-end.
- The value of revenue for goods and services which the Corporation has provided, but for which invoices have not been issued and which are material in amount, will be accrued at month-end.
8. REVERSAL OF ACCRUALS
- The regional/network offices will ensure each accrual is reversed when the cash transaction related to the accrual is processed. Automatic reversing journals will only be used when the cash transaction has taken place, but will only be recorded in the next accounting month (or year, at year-end).
9. PREPAID EXPENSES AND DEFERRED CHARGES
- Prepaid expenses and deferred charges should be recorded, expensed or adjusted every month as required.
10. PROGRAM WBS ELEMENTS
- Program WBS elements should be expensed when broadcast or written-off when management determines that they have no further value.
- Assets which have no further use to the Corporation, are obsolete or damaged beyond repair, should be "retired" from the Asset Module immediately.
12. CAPITAL PROJECTS (WORK ORDERS)
- Some assets acquired under capital projects are recognized and recorded as assets immediately while others are recorded as "work in process" and capitalized once they have been deemed to be in working order.