Workplace Safety & Prevention Services
Notes to Financial Statements
March 31, 2022
9
Liquidity risk
Liquidity risk is the risk the Corporation encounters difficulty in meeting its obligations associated with financial
liabilities. Liquidity risk arises from accounts payable and accrued liabilities, exit benefits and commitments. The
Corporation continues to focus on maintaining adequate liquidity to meet operating working capital
requirements and capital expenditures.
Risks related to COVID-19
In March 2020, the Government of Ontario declared a state of emergency as a result of the novel coronavirus
(COVID-19) pandemic. Restrictions were put into place by the government to control the spread of the virus.
These efforts curtailed the availability of all non-essential services.
Notably, these events had a material impact on the Corporation's revenue from training and publication
recoveries since March 2020.
The duration and impact of the COVID-19 pandemic remain unknown, and it is therefore not possible to reliably
estimate the future period impact on the financial statements. The Corporation continues to be financially
supported by the MLTSD.
16 Contingencies
The Corporation may, from time to time, be subject to claims and legal proceedings brought against it in the
normal course of business. Such matters are subject to many uncertainties. Management believes adequate
provisions have been made in the accounts where required and the ultimate resolution of such contingencies
will not have a material adverse effect on the financial position of the Corporation. Any amounts in settlement of
claims in excess of recorded provisions will be charged to the statement of operations in the year of claim.
17 Comparative figures
Certain prior year figures have been reclassified to conform with the current year's financial statement
presentation.
