Financial statements, March 31, 2014
7.11. Notes to financial statements: Contingent liabilities
In the normal course of its operations, Canadian Grain Commission may become involved in various legal actions. Some of these potential liabilities may become actual liabilities when one or more future events occur or fail to occur. To the extent that the future event is likely to occur or fail to occur, and a reasonable estimate of the loss can be made, an estimated liability is accrued and an expense is recorded in the financial statements. As at March 31, 2014, one claim is outstanding against Canadian Grain Commission, as noted below.
Canadian Grain Commission is named as a defendant in a claim alleging damages and costs. The matter is still pending and the outcome of this claim is not determinable at this time. The potential financial impact of this case cannot be estimated. No accrual for this contingency has been made in the financial statements.
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