Audited Financial Statements - Agency Activities

Notes to the Financial Statements - Agency Activities

3. Transferred operations

As a result of the creation of the Canada Border Services Agency (CBSA) on December 12, 2003, all assets and liabilities relating to customs operations and falling under CBSA responsibility were transferred to the CBSA as of March 31, 2004. The information required to segregate the customs operations assets and liabilities was not available at the time that the 2004 financial statements were prepared. Consequently, in this year's financial statements, the statement of financial position as at March 31, 2004 has been restated to reflect the transfer of customs operations assets and liabilities to CBSA, and to present the 2004 statement of financial position on a basis comparable to the 2005 presentation. As a result of transferring net assets for a total of $130,181,000 to CBSA, CCRA's net liabilities as at March 31, 2004 were increased by the same amount.

The following table presents the impact of the transfer of assets and liabilities to CBSA as at March 31, 2004.

Date modified:

2005-10-26