10 NORTHERN COLLEGE OF APPLIED ARTS AND TECHNOLOGY Notes to Financial Statements Years ended March 31, 2013 and March 31, 2012 2. Transitional adjustments: (b) Statement of operations: As a result of the above noted elections and the retrospective application of Canadian public sector accounting standards, the Co llege recorded the following adjustments to excess of revenue over expenses for the year ended March 31, 2012: Net earnings: As previously reported under Canadian generally accepted accounting principles for year ended March 31, 2012 $ 801,848 Change employee future benefit expense as a result of adjustment to record accumulated but not vested sick leave plans 53,000 Change to employee future benefit expense as a result of changing the discount rate used 101,123 Restated for the year ended March 31, 2012 $ 955,971 (c) Change in accounting policy: On April 1, 2012, the College adopt ed Public Accounting Standards PS 3450 - Financial Instrum ents and PS 2601 – Foreign Currency Translation . The standards were adopted prospectively from the date of adoption. The College has no adjustments associated with the adoption of these standards. 3. Inv estments: Fair Value March 31, March 31, April 1, Hierarchy 2013 2012 2011 Fix ed income Level 2 $ 3,970,399 7,861,066 7,440,692 Mutual funds Level 2 841,115 799,620 793,534 $ 4,811,514 8,660,686 8,234,226 Made up of: Portfolio $ 4,811,514 4,335,361 4,277,413 Sinking fund – 4,325,325 3,956,813 $ 4,811,514 8,660,686 8,234,226