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Oil Pipeline Uniform Accounting Regulations - C.R.C., c. 1058 (SCHEDULE IV)

Regulations Respecting the Uniform System of Accounts of Oil Pipeline Companies

[...]

401 Operating Revenue

This account shall include total revenue derived from operations, as shown in the classification of operating revenue accounts.
402 Extraordinary Income
- [...]
- (2) The following is a representative list of items of extraordinary income to be included in the account: (See Regulations, section 14)
  - [...]
  - (g) adjustment to account 74 as described in subsection 68(2) of the Regulations;
[...]
405 Income from Affiliated Companies
- [...]
- (3) Income from affiliated companies shall not be credited to this account until such time as it is recorded on the books of the affiliated company.
[...]
408 Release of Premium on Long Term Debt
- (1) This account shall include, during each fiscal period, such portion of the premium on outstanding long term debt as may be applicable to the period.
- (2) The portion referred to in subsection (1) shall be determined in accordance with section 71, 72 or 73 of the Regulations, as applicable.
409 Gain on Foreign Exchange

This account shall include gains on foreign exchange during the fiscal year, including realized gains as well as gains due to the conversion to the Canadian dollar equivalent, on assets and liabilities held in foreign currencies.

[...]

[...]
412 Other Expenses
- (1) This account shall include
  - [...]
  - (b) all expenses, other than depreciation, of transportation plant leased to others as operating units or systems while the lessee has exclusive possession.
413 Provision for Income Taxes
- [...]
- (2) This account shall be subdivided as follows:
  
  [...]
[...]
418 Amortization of Discount on Long Term Debt

This account shall be debited during each fiscal period of the company with the portion of the discount and expenses on long term debt obligations that is applicable to that period and such portion shall be determined in accordance with section 71, 72 or 73 of the Regulations, as applicable.
419 Loss on Foreign Exchange

This account shall include losses on foreign exchange during the fiscal year, including realized losses as well as losses due to the conversion to the Canadian dollar equivalent of assets and liabilities held in foreign currencies.

[...]

Oil Pipeline Uniform Accounting Regulations - C.R.C., c. 1058 (SCHEDULE I)

Regulations Respecting the Uniform System of Accounts of Oil Pipeline Companies

[...]

1 Cash

This account shall include
- (a) commercial bank accounts available for general chequing purposes as distinguished from bank accounts provided for special deposits or other special purposes;
- [...]
- (c) funds received by a company, recorded as cash receipts and undeposited at the close of the accounting period.
2 Temporary Cash Investments

This account shall include the cost of securities acquired for the purpose of temporarily investing cash, such as government treasury bills, deposit receipts, short term notes and other investments of a short term nature. (See Regulations, sections 63, 64 and 65).
[...]
5 Accounts Receivable — Other

This account shall include the following items when the amounts involved are considered collectable:
- (a) advances to officers, employees and agents as working funds;
[...]
6 Accounts Receivable — Affiliated Companies
- (1) This account shall include all amounts due from affiliated companies, such as trade accounts, dividends and interest, where such amounts are subject to settlement within one year from the date of the balance sheet. (See Regulations, section 80).
[...]
8 Materials and Supplies
- (1) This account shall include the cost of materials purchased primarily for use in construction, operations or maintenance such as shop material, articles in process of fabrication by the accounting company, spare parts, fittings, valves, appliances, line pipe and other supplies, but shall not include the cost of materials referred to in account 39 (Transportation Plant Under Construction).
- [...]
- (3) Materials and supplies issued shall be credited to this account and concurrently debited to the appropriate construction, operating or maintenance expense account on the basis of a unit price determined by the use of cumulative average, first in — first out, or such other method of inventory accounting as conforms with accepted accounting practices consistently applied.
[...]
15 Prepaid Expenses
- [...]
- (2) The prepaid expense account shall be maintained so as to disclose the amount of each class of expenditure.

[...]

[...]
23 Miscellaneous Special Funds
- [...]
- (3) This account shall not include funds that the company holds solely as trustee and in which it has no beneficial interest. (See Regulations, section 62).

[...]

[...]
31 Accumulated Depreciation — Transportation Plant
- [...]
- (3) Where, as a result of an extraordinary retirement, a material gain or loss is credited to account 402 (Extraordinary Income) or debited to account 422 (Extraordinary Income Deductions), this account shall be debited or credited, as applicable. (See Regulations, section 40).
- (4) For general ledger and balance sheet purposes, this account shall be regarded and treated as a composite reserve but, for the purposes of analysis, the company shall maintain subsidiary records in which the accumulated depreciation is subdivided into component parts corresponding to
  
  [...]
- [...]
- (6) This account shall be subdivided as follows:
  
  [...]
32 Accumulated Amortization — Transportation Plant
- [...]
- (4) Where, as a result of an extraordinary retirement, a material gain or loss is credited to account 402 (Extraordinary Income) or debited to account 422 (Extraordinary Income Deductions), this account shall be debited or credited, as applicable. (See Regulations, section 40).
- [...]
- (6) This account shall be subdivided as follows:
  
  [...]
[...]
36 Improvements to Leased Facilities
- [...]
- (5) Where the service life of the improvements is not terminated by the action of the lease, the cost of the improvements, less net salvage, shall be accounted for as depreciable plant by debits to account 414 (Depreciation) and concurrent credits to account 31 (Accumulated Depreciation — Transportation Plant).
[...]
38 Transportation Plant Leased to Others
- (1) This account shall include the cost of transportation plant owned but leased to others as operating units or systems, where the lessee has exclusive possession.

[...]

41 Unamortized Debt Discount and Expenses
- [...]
- (2) The amounts recorded in this account shall be amortized in accordance with sections 72 or 73, as applicable.
42 Organization Expenses
- [...]
- (2) Amounts recorded in this account shall be amortized or otherwise disposed of by a company in such manner as the Board may approve or direct.
43 Public Improvements
- [...]
- (2) Any amount that is no longer deferred shall be debited to account 630-16 or 730-16 (Taxes Other than Income Taxes), as applicable.
- (3) Where, in any year, public improvements individually and in the aggregate are not material, they may, at the option of the company, be debited to account 630-16 or 730-16 (Taxes Other than Income Taxes), as applicable.
44 Preliminary Survey and Investigation Costs
- [...]
- (2) Where, as a result of the expenditures referred to in subsection (1), plant is acquired or constructed, this account shall be credited and the appropriate accounts debited with the costs related to that plant.
- [...]
- (4) Records supporting entries in this account shall be maintained in a manner that will enable complete information to be available as to the nature and purpose of the expenditures.

[...]

50 Loans and Notes Payable
- [...]
- (2) This account shall be maintained in such form as to show separately the amounts of indebtedness secured by collateral.
[...]
52 Accounts Payable and Accrued
- [...]
- (3) A company’s estimates of liabilities for injuries to persons and for loss and damage claims shall not be included in this account but shall be credited to account 60 (Other Current Liabilities) or account 78 (Other Deferred Credits), as applicable.

[...]

70 Welfare and Pension Appropriations
- [...]
- (3) Disbursements shall be debited to this account and any excess of the disbursements over the amounts appropriated shall be transferred to account 630-13 or 730-13 (Employee Benefits) or to account 630-11 or 730-11 (Injuries to Persons and Property Damage), as applicable.
[...]
75 Allowance For Doubtful Accounts

[...]

and the corresponding debits shall be made to accounts 630-15 or 730-15 (Bad Debts), as applicable.

[...]
76 Unamortized Premium On Long Term Debt
- [...]
- (2) The amounts recorded in this account shall be amortized in accordance with sections 72 or 73 of the Regulations, as applicable.

[...]

[...]
85 Advances from Affiliated Companies
- (1) This account shall include
  - [...]
  - (c) the par value of matured long term bonds, debentures or notes payable where,
    - [...]
    - (ii) there is no agreement for an extension as to time of payment, and
[...]

[...]

[...]
91 Contributed Surplus
- [...]
- (2) The following is a representative list of items of contributed surplus to be included in this account: (See Regulations, section 14)
  - [...]
  - (c) credits resulting from redemption or conversion of shares at less than the amount recorded as share capital;
[...]
93 Excess of Appraised Value of Fixed Assets Over Depreciated Cost
- (1) This account shall be credited with the increase in value of fixed assets of the company as a result of an appraisal, where the appraisal is associated with
  - (a) an actual purchase and sale of fixed assets as in the acquisition of an affiliated company;

Oil Pipeline Uniform Accounting Regulations - C.R.C., c. 1058 (SCHEDULE IV)

Regulations Respecting the Uniform System of Accounts of Oil Pipeline Companies

[...]

401 Operating Revenue

This account shall include total revenue derived from operations, as shown in the classification of operating revenue accounts.
402 Extraordinary Income
- [...]
- (2) The following is a representative list of items of extraordinary income to be included in the account: (See Regulations, section 14)
  - [...]
  - (g) adjustment to account 74 as described in subsection 68(2) of the Regulations;
[...]
405 Income from Affiliated Companies
- [...]
- (3) Income from affiliated companies shall not be credited to this account until such time as it is recorded on the books of the affiliated company.
[...]
408 Release of Premium on Long Term Debt
- (1) This account shall include, during each fiscal period, such portion of the premium on outstanding long term debt as may be applicable to the period.
- (2) The portion referred to in subsection (1) shall be determined in accordance with section 71, 72 or 73 of the Regulations, as applicable.
409 Gain on Foreign Exchange

This account shall include gains on foreign exchange during the fiscal year, including realized gains as well as gains due to the conversion to the Canadian dollar equivalent, on assets and liabilities held in foreign currencies.

[...]

[...]
412 Other Expenses
- (1) This account shall include
  - [...]
  - (b) all expenses, other than depreciation, of transportation plant leased to others as operating units or systems while the lessee has exclusive possession.
413 Provision for Income Taxes
- [...]
- (2) This account shall be subdivided as follows:
  
  [...]
[...]
418 Amortization of Discount on Long Term Debt

This account shall be debited during each fiscal period of the company with the portion of the discount and expenses on long term debt obligations that is applicable to that period and such portion shall be determined in accordance with section 71, 72 or 73 of the Regulations, as applicable.
419 Loss on Foreign Exchange

This account shall include losses on foreign exchange during the fiscal year, including realized losses as well as losses due to the conversion to the Canadian dollar equivalent of assets and liabilities held in foreign currencies.

[...]

Oil Pipeline Uniform Accounting Regulations - C.R.C., c. 1058 (SCHEDULE I)

Regulations Respecting the Uniform System of Accounts of Oil Pipeline Companies

[...]

1 Cash

This account shall include
- (a) commercial bank accounts available for general chequing purposes as distinguished from bank accounts provided for special deposits or other special purposes;
- [...]
- (c) funds received by a company, recorded as cash receipts and undeposited at the close of the accounting period.
2 Temporary Cash Investments

This account shall include the cost of securities acquired for the purpose of temporarily investing cash, such as government treasury bills, deposit receipts, short term notes and other investments of a short term nature. (See Regulations, sections 63, 64 and 65).
[...]
5 Accounts Receivable — Other

This account shall include the following items when the amounts involved are considered collectable:
- (a) advances to officers, employees and agents as working funds;
[...]
6 Accounts Receivable — Affiliated Companies
- (1) This account shall include all amounts due from affiliated companies, such as trade accounts, dividends and interest, where such amounts are subject to settlement within one year from the date of the balance sheet. (See Regulations, section 80).
[...]
8 Materials and Supplies
- (1) This account shall include the cost of materials purchased primarily for use in construction, operations or maintenance such as shop material, articles in process of fabrication by the accounting company, spare parts, fittings, valves, appliances, line pipe and other supplies, but shall not include the cost of materials referred to in account 39 (Transportation Plant Under Construction).
- [...]
- (3) Materials and supplies issued shall be credited to this account and concurrently debited to the appropriate construction, operating or maintenance expense account on the basis of a unit price determined by the use of cumulative average, first in — first out, or such other method of inventory accounting as conforms with accepted accounting practices consistently applied.
[...]
15 Prepaid Expenses
- [...]
- (2) The prepaid expense account shall be maintained so as to disclose the amount of each class of expenditure.

[...]

[...]
23 Miscellaneous Special Funds
- [...]
- (3) This account shall not include funds that the company holds solely as trustee and in which it has no beneficial interest. (See Regulations, section 62).

[...]

[...]
31 Accumulated Depreciation — Transportation Plant
- [...]
- (3) Where, as a result of an extraordinary retirement, a material gain or loss is credited to account 402 (Extraordinary Income) or debited to account 422 (Extraordinary Income Deductions), this account shall be debited or credited, as applicable. (See Regulations, section 40).
- (4) For general ledger and balance sheet purposes, this account shall be regarded and treated as a composite reserve but, for the purposes of analysis, the company shall maintain subsidiary records in which the accumulated depreciation is subdivided into component parts corresponding to
  
  [...]
- [...]
- (6) This account shall be subdivided as follows:
  
  [...]
32 Accumulated Amortization — Transportation Plant
- [...]
- (4) Where, as a result of an extraordinary retirement, a material gain or loss is credited to account 402 (Extraordinary Income) or debited to account 422 (Extraordinary Income Deductions), this account shall be debited or credited, as applicable. (See Regulations, section 40).
- [...]
- (6) This account shall be subdivided as follows:
  
  [...]
[...]
36 Improvements to Leased Facilities
- [...]
- (5) Where the service life of the improvements is not terminated by the action of the lease, the cost of the improvements, less net salvage, shall be accounted for as depreciable plant by debits to account 414 (Depreciation) and concurrent credits to account 31 (Accumulated Depreciation — Transportation Plant).
[...]
38 Transportation Plant Leased to Others
- (1) This account shall include the cost of transportation plant owned but leased to others as operating units or systems, where the lessee has exclusive possession.

[...]

41 Unamortized Debt Discount and Expenses
- [...]
- (2) The amounts recorded in this account shall be amortized in accordance with sections 72 or 73, as applicable.
42 Organization Expenses
- [...]
- (2) Amounts recorded in this account shall be amortized or otherwise disposed of by a company in such manner as the Commission may approve or direct.
43 Public Improvements
- [...]
- (2) Any amount that is no longer deferred shall be debited to account 630-16 or 730-16 (Taxes Other than Income Taxes), as applicable.
- (3) Where, in any year, public improvements individually and in the aggregate are not material, they may, at the option of the company, be debited to account 630-16 or 730-16 (Taxes Other than Income Taxes), as applicable.
44 Preliminary Survey and Investigation Costs
- [...]
- (2) Where, as a result of the expenditures referred to in subsection (1), plant is acquired or constructed, this account shall be credited and the appropriate accounts debited with the costs related to that plant.
- [...]
- (4) Records supporting entries in this account shall be maintained in a manner that will enable complete information to be available as to the nature and purpose of the expenditures.

[...]

50 Loans and Notes Payable
- [...]
- (2) This account shall be maintained in such form as to show separately the amounts of indebtedness secured by collateral.
[...]
52 Accounts Payable and Accrued
- [...]
- (3) A company’s estimates of liabilities for injuries to persons and for loss and damage claims shall not be included in this account but shall be credited to account 60 (Other Current Liabilities) or account 78 (Other Deferred Credits), as applicable.

[...]

70 Welfare and Pension Appropriations
- [...]
- (3) Disbursements shall be debited to this account and any excess of the disbursements over the amounts appropriated shall be transferred to account 630-13 or 730-13 (Employee Benefits) or to account 630-11 or 730-11 (Injuries to Persons and Property Damage), as applicable.
[...]
75 Allowance For Doubtful Accounts

[...]

and the corresponding debits shall be made to accounts 630-15 or 730-15 (Bad Debts), as applicable.

[...]
76 Unamortized Premium On Long Term Debt
- [...]
- (2) The amounts recorded in this account shall be amortized in accordance with sections 72 or 73 of the Regulations, as applicable.

[...]

[...]
85 Advances from Affiliated Companies
- (1) This account shall include
  - [...]
  - (c) the par value of matured long term bonds, debentures or notes payable where,
    - [...]
    - (ii) there is no agreement for an extension as to time of payment, and
[...]

[...]

[...]
91 Contributed Surplus
- [...]
- (2) The following is a representative list of items of contributed surplus to be included in this account: (See Regulations, section 14)
  - [...]
  - (c) credits resulting from redemption or conversion of shares at less than the amount recorded as share capital;
[...]
93 Excess of Appraised Value of Fixed Assets Over Depreciated Cost
- (1) This account shall be credited with the increase in value of fixed assets of the company as a result of an appraisal, where the appraisal is associated with
  - (a) an actual purchase and sale of fixed assets as in the acquisition of an affiliated company;

[...]

Oil Pipeline Uniform Accounting Regulations - C.R.C., c. 1058 (Section 73)

Regulations Respecting the Uniform System of Accounts of Oil Pipeline Companies

73 (1) Where any issue or series of long term debt of a company is redeemed before its maturity date, otherwise than by exchange or conversion into capital stock, the amount of the unamortized debt discount and expense or unamortized premium less expense applicable to the portion of the debt redeemed shall be credited to account 41 (Unamortized Debt Discount and Expense) or debited to account 76 (Unamortized Premium on Long Term Debt), as applicable, and where the amount is not material, concurrently debited to account 418 (Amortization of Discount on Long Term Debt) or credited to account 408 (Release of Premium on Long Term Debt), as applicable, in the year of redemption.
(2) Where the amount referred to in subsection (1) is material, the company shall inform the Board and shall debit the amount to account 422 (Extraordinary Income Deductions) or credit the amount to account 402 (Extraordinary Income), as applicable.
(3) Notwithstanding subsections (1) and (2), where an issue or series of long term debt of a company is redeemed before its maturity date by refunding through the issuance of new long term debt, the company may, where the amount is not material, amortize the amount of unamortized discount and expense or unamortized premium less expense applicable to the portion of the debt redeemed, by regular debits to account 418 or credits to account 408, as applicable, over a period not exceeding the lesser of the remainder of the original life of the issue or series redeemed or the life of the new long term debt.
(4) Where the amount referred to in subsection (3) is material, the company shall inform the Board and shall debit the amount to account 422 (Extraordinary Income Deductions), or credit the amount to account 402 (Extraordinary Income), as applicable.

[...]

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