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PRINCE EDWARD ISLAND
LIQUOR CONTROL COMMISSION
Notes to Financial Statements
March 31, 2015
General Information and Nature of Operations
The Prince Edward Island Liquor Control Commission (the Commission) is a wholly owned
Crown corporation of the Province of Prince Edward Island responsible for managing the
importation, sale, and distribution of beverage alcohol throughout Prince Edward Island. The
head office is located at 3 Garfield Street in Charlottetown with outlets in various locations
across the province.
2.
Statement of Compliance and Approval
The financial statements of the Commission have been prepared by management in
accordance with International Financial Reporting Standards (IFRS) as issued by the
International Accounting Standards Board.
These financial statements were authorized for issuance by the Board of Commissioners on
May 26, 2015.
3.
Summary of Significant Accounting Policies
a) International Financial Reporting Standards (IFRS)
The financial statements have been prepared using the accounting policies specified by
IFRS, issued and in effect as of March 31, 2015. The significant accounting policies used
in the preparation of these financial statements are summarized below.
These accounting policies have been used throughout all of the periods presented.
An overview of the standards, amendments, and interpretations on the conversion to
IFRS, which are issued but not yet in effect, are presented in Note 3(g).
b) Presentation of the Financial Statements
The financial statements are presented in accordance with International Accounting
Standard 1 (lAS 1), “Presentation of Financial Statements”. The Commission has elected
to present a single statement of comprehensive income. The financial statements have
been prepared on a historical cost basis and are presented in Canadian dollars, which is
the functional currency of the Commission.
c) Revenue Recognition
Revenue is derived from the sale of goods and other income from the rendering of
services. Reconciliation between gross receipts and revenue is shown in Note 13.
Revenue is measured by reference to the fair value of the consideration received or
receivable by the Commission for the goods or services supplied, exclusive of sales tax,
deposits, health tax, rebates, and trade discounts.