Language selection

Search

2021-2022 Consolidated Future-Oriented Statement of Operations (Unaudited)

For the years ending March 31, 2021 and 2022

2021-2022 Consolidated Future-Oriented Statement of Operations (Unaudited) for the years ending March 31, 2021 and 2022 (PDF Version 483KB)

Consolidated Future-Oriented Statement of Operations (Unaudited)
For the year ending March 31
(in thousands of dollars)
Forecast
Results
2020-21
Planned
Results
2021-22
Expenses
Sector Risk $1,419,405 $1,533,043
Domestic and International Markets 934,456 711,192
Science and Innovation 686,207 584,975
Internal Services 275,943 261,575
Total expenses 3,316,011 3,090,785
Revenues
Sale of goods and services 55,178 66,199
Interest 14,237 14,598
Joint project and cost sharing agreements 7,282 7,477
Miscellaneous Revenue 2,317 2,376
Gain on disposal of assets 863 1,439
Crop Re-insurance Fund 700 190
Revenues earned on behalf of Government (30,679) (33,491)
Total revenues 49,898 58,788
Net cost of operations before government funding and transfers $3,266,113 $3,031,997

The accompanying notes form an integral part of the Consolidated Future-Oriented Statement of Operations.

Notes to the Consolidated Future-Oriented Statement of Operations (Unaudited)

1. Methodology and significant assumptions

The Consolidated Future-Oriented Statement of Operations has been prepared based on government priorities and departmental plans as described in the Departmental Plan.

The information in the forecast results for fiscal year 2020–21 is based on actual results as at November 30, 2020 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for fiscal year 2021-22.

The main assumptions underlying the forecasts are as follows:

These assumptions are made as at December 4, 2020.

2. Variations and changes to the forecast financial information

Although every attempt has been made to forecast final results for the remainder of 2020-21 and for 2021-22, actual results achieved for both years are likely to differ from the forecast information presented, and this variation could be material.

In preparing this Consolidated Future-Oriented Statement of Operations, Agriculture and Agri-Food Canada has made estimates and assumptions about the future. These estimates and assumptions may differ from the subsequent actual results. Estimates and assumptions are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances, and are continually evaluated.

Factors that could lead to material differences between the Consolidated Future-Oriented Statement of Operations and the historical statement of operations include:

After the Departmental Plan is tabled in Parliament, Agriculture and Agri-Food Canada will not be updating the forecasts for any changes in financial resources made in ensuing supplementary estimates. Variances will be explained in the Departmental Results Report.

3. Summary of significant accounting policies

The Consolidated Future-Oriented Statement of Operations has been prepared using the Government of Canada’s accounting policies in effect for fiscal year 2020-21, and is based on Canadian public sector accounting standards. The presentation and results using the stated accounting policies do not result in any significant differences from Canadian public sector accounting standards.

Significant accounting policies are as follows:

4. Parliamentary authorities

Agriculture and Agri-Food Canada is financed by the Government of Canada through parliamentary authorities. Financial reporting of authorities provided to the Department differs from financial reporting according to generally accepted accounting principles since authorities are based mainly on cash flow requirements. Items recognized in the Consolidated Future-Oriented Statement of Operations in one year may be funded through parliamentary authorities in prior, current, or future years. Accordingly, Agriculture and Agri-Food Canada has different net cost of operations for the year on a government funding basis than on an accrual accounting basis. The differences are reconciled in the following tables:

Report a problem on this page
Please select all that apply:

Date modified: