Page 53 - Demo

Note 3
Future Changes in Accounting Standards
On April 1, 2023, AEC will adopt the following new accounting standards approved by the Public Sector Accounting Board:
• PS 3400 Revenue
This accounting standard provides guidance on how to account for and report on revenue, and specifically, it differentiates between revenue arising from exchange and non-exchange transactions.
• PS 3160 Public Private Partnerships
This accounting standard provides guidance on how to account for public private partnerships between public and private sector entities, where the public sector entity procures infrastructure using a private sector partner.
Management is currently assessing the impact of these standards on the financial statements.
Budget
(in thousands)
A preliminary business plan with budgeted deficit of $3,050 was approved by the Board of AEC on March 18, 2022 and the full financial plan was submitted to the Minister of Technology and Innovation.
Cash
(in thousands)
2022
Cash $ 38,695
$118,113 (2022 – $84,453) (Note 7) is committed for partnership capital contributions. In addition to cash, distributions from the Limited Partnerships and the $150,000 (2022 – $150,000) Accounts Receivable can be used toward future cash calls.
Cash amount of $64,489 (2022 – $38,695) includes $3,070 (2022 – $586) denominated in US Dollars (USD).
Note 4
Note 5
2023
$ 64,489
Note 6
Accounts Receivable
(in thousands)
Accounts receivable are unsecured and non-interest bearing.
Grant receivable – Government of Alberta Other receivable
Portfolio Investments
(in thousands)
2023
$ 150,000
180
$ 150,180
2022 $ 150,000 – $ 150,000
Note 7
2022 2023
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The Government of Alberta originally allocated $100,000 in 2008 for investments in limited partnerships that provide venture capital in knowledge-based industries. An additional $25,000 was allocated in 2016, $50,000 was allocated in 2017, $75,000 was allocated in 2021, $50,000 was allocated in 2022, and $50,000 was allocated in 2023 for additional investments in limited partnerships.
The Corporation is a limited partner in thirty (2022 – twenty four) limited partnerships and $326,381 (2022 – $269,280) has been contributed and committed to these limited partnerships. Committed funds are paid into the limited partnership in amounts and at times determined by the general partner in order to meet the limited partnerships funding requirements. Distributions from the limited partnerships can be used toward future cash calls from the fund which distributed the capital. The Corporation’s contributions to date and commitments are as follows: