SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. V6Z 2N3 CANADA web site: http://www.bcuc.com IN THE MATTER OF the Utilities Commission Act, R.S.B.C. 1996, Chapter 473 and An Application by British Columbia Hydro and Power Authority to Defer and Amortize Foreign Exchange Gains and Losses BEFORE: P. Ostergaard, Chair R.D. Deane, Commissioner K.L. Hall, Commissioner O R D E R WHEREAS: A. On June 27, 2002, British Columbia Hydro and Power Authority (“B.C. Hydro”) applied to the Commission for approval to continue to defer and amortize foreign exchange gains and losses on the translation of foreign denominated long-term monetary items, contrary to new Generally Accepted Accounting Principles (“GAAP”); and B. B.C. Hydro is also requesting that it be allowed to alter its amortization methodology for the fiscal year beginning April 1, 2002 and future periods; and C. B.C. Hydro advises that the change in GAAP would create material fluctuations in B.C. Hydro’s net income from year to year, creating an environment that is inconsistent with the regulatory goal of providing smooth, stable and predictable rates; and D. The Commission has reviewed the application and finds that approval is in the public interest. NOW THEREFORE the Commission approves the continued deferral and amortization of foreign exchange gains and losses on the translation of foreign denominated long-term monetary items, using the straight-line pooled method, for the fiscal year beginning April 1, 2002 and future periods. DATED at the City of Vancouver, in the Province of British Columbia, this 16 B R I T I S H C O LU M B I A U T I L I T I E S C O M M I S S I O N O R D E R N U M B E R G-47-02 TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 ) ) July 11, 2002 ) th day of July 2002. BY ORDER Original signed by: Peter Ostergaard Chair
You are being directed to the most recent version of the statute which may not be the version considered at the time of the judgment.