Chapter 2: The Balance Sheet
|
|
- Wilfred Caldwell
- 6 years ago
- Views:
Transcription
1 Chapter 2: The Balance Sheet 2.1 Financial Position Pages financial position the status of a business or person as represented by assets, liabilities, and owner's equity (capital). assets things that are owned by a person or business. Example: liabilities things that owed by a person or business. Example: owner's equity/capital/net worth the difference between the assets and liabilities. 1
2 Steps to Calculating Financial Position: Page 18 Note Chris Turner Example Page 18 2
3 The Fundamental Accounting Equation Assets Liabilities = Owner's Equity A L = OE OR A = L + OE Most Common Form NOTE: Fundamental Accounting Equation is the foundation upon which ALL accounting theory is built 3
4 Fundamental Accounting Equation for Chris Turner 2.2 The Balance Sheet Pages Balance Sheet a statement showing the financial position of a person, business, or other organization. 4
5 Personal Balance Sheet Example Page 21 Business Balance Sheet Example Page 21 5
6 Important Features of the Balance Sheet: Page 22 Set up in the form of the fundamental accounting equation. Three -line heading is used. Assets listed in order of liquidity (ease in which assets can be converted to cash) Liabilities listed in order in which paid. Financial details are fully disclosed. Final totals recorded on the same line and underlined with double line. Accounts Receivable the debts of customers; people/businesses who owe the business money. Debtor anyone who owes the business money. 6
7 Accounts Payable debts of the business; people/businesses to whom the business owes money. Creditor anyone to whom the business owes money. Steps to Preparing a Balance Sheet: Pages Step 1 Heading 7
8 Step 2 Prepare Assets Section Step 3 Prepare Liabilities Section 8
9 Step 4 Prepare Equity Section Step 5 Total Each Side of balance Sheet Step 6 Proper Placement of Dollar Signs 9
10 Basic Record Keeping Practices: Pages Avoid using abbreviations of names. When using columnar paper, commas and decimal points are omitted, cent amounts placed in final column, and, if even, a dash can be used. Use ruled lines appropriately. BE NEAT!!!! 2.3 Claims Against the Assets Pages People/groups who are entitled to the assets of a business: owners creditors Why? They have provided the funds for or purchased the assets. 10
11 Note Example Page 30: Order of possession of assets in event of a business closure: #1 Creditors #2 Owner Therefore, the owner accepts any losses/profits from the sale of the assets. 11
12 Example Pages Before Sale of Assets: A = L + OE After Sale of Assets: A = L + OE 12
13 2.4 Accounting Standards Pages Generally Accepted Accounting Principles (GAAPS) the set of rules or standards that accountants must follow. Most significant section of the CICA (Canadian Institute of Chartered Accountants) Handbook. Accounting Standards Board (AcSB) the governing body which oversees Canadian accounting practice. consults with many similar boards including International Accounting Standards Board (IASB). International Financial Reporting Standards (IFRS) a process to replace the Canadian GAAP set by the IASB. Help Canadian businesses communicate globally. Required for public companies only (listed on stock exchange) starting January, Private businesses usually use the Accounting Standards for Private Enterprises (ASPE) to help transition to global standards since they were developed from the traditional Canadian standards and require fewer changes. 13
14 An basic understanding of the principles guiding accounting practices will be expected. Anyone pursuing post secondary studies in accounting will be expected to study in depth the details of the IFRS and the ASPE. First of the basic principles: The Business Entity Concept accounting for a business organization must be kept separate from the personal affairs of the owner or from any other business or organization. The Continuing Concern Concept (Going Concern) assumes that a business will continue to operate unless known otherwise. The Cost Principle the value of the assets are to be recorded at their historical cost price. Revaluation model allows accountants to change the value of particular assets based on market conditions. 14
15 Classified Balance Sheet a balance sheet organized based on categories. Page 36 Current assets assets that will be used up or converted into cash within the year. Examples: Cash, supplies Long term assets assets that will not be used up or converted into cash within the year. Examples: Buildings, equipment Current liabilities liabilities that are due within the year. Example: Accounts payable Long term liabilities liabilities that take longer than a year to pay off. Example: Mortgage. 15
16 Statement of Financial Position a classified balance sheet that has been flipped upside down. Businesses using IFRS use this format, therefore, most likely looking at a balance sheet of a public company. We will be using the classified balance sheet format. Page 36 Example Page 37 16
Who needs accountants?
Who needs accountants? http://www.youtube.com/watch?v=nfh9wqh3edi&feature=relmfu Exercise 1, Page 17 ASSETS Office Furniture Land House and Lot An amount loaned to R. Jonas Automobile Canada Savings Bond
More informationSECTION 2.5 COMMUNICATE IT (page 46) This is a spreadsheet exercise. A., B.
SECTION 2.5 COMMUNICATE IT (page 46) This is a spreadsheet exercise. A., B. C. When discussing the value of the hockey tickets, beginning accounting students can provide a basic comparison of the traditional
More information" Annual report: the main method that management uses to report the results of the company s activities during the year.
Chapter 1 Overview of Corporate Financial Reporting What is Business? " Business plan to profit from selling a product or service. " Can be an individual or thousands of owners (investors). What is Accounting?
More informationIntermediate Accounting, Vol 1, 3e (Lo/Fisher) Chapter 2 Conceptual Frameworks for Financial Reporting. Learning Objective 1
Intermediate Accounting, Vol 1, 3e (Lo/Fisher) Chapter 2 Conceptual Frameworks for Financial Reporting Learning Objective 1 1) Which of the following is NOT a purpose of a conceptual framework of accounting
More informationAudited Financial Statements of DOT RESOURCES LTD. Year ended December 31, 2008 and period from incorporation. on May 17, 2007 to December 31, 2007
Audited Financial Statements of DOT RESOURCES LTD. and period from incorporation on May 17, 2007 to December 31, 2007 MANAGEMENT S REPORT The accompanying financial statements and all information in the
More informationCanadian subsidiaries of U.S. companies who prepare their local financial statements under Canadian generally accepted accounting principles (GAAP).
Client Advisory AcSB Exposure Draft, Employee Future Benefits March 8, 2012 Summary In late January 2012, the Accounting Standards Board (AcSB) issued an Exposure Draft (ED), Employee Future Benefits,
More informationChapter 3: Analyzing Changes in Financial Position
Chapter 3: Analyzing Changes in Financial Position Created by D. Gilroy Heart Lake Secondary School 5 Business Transactions Events occur daily that cause the financial position of a business change. Each
More informationOVERVIEW OF CORPORATE FINANCIAL REPORTING
chapter 1 OVERVIEW OF CORPORATE FINANCIAL REPORTING CHAPTER OVERVIEW Accounting is a system for measuring and recording economic events and reporting those events to interested users. This opening chapter
More information1. The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises.
Page 1 of 38 1 Student: 1. The primary function of financial accounting is to provide relevant financial information to parties external to business enterprises. True False 2. Accrual accounting attempts
More informationADVANTEX MARKETING INTERNATIONAL INC. CONSOLIDATED FINANCIAL STATEMENTS For the three month period ended September 30, 2009
ADVANTEX MARKETING INTERNATIONAL INC. CONSOLIDATED FINANCIAL STATEMENTS For the three month period ended September 30, 2009 The accompanying consolidated financial statements have been prepared by management
More informationADVANCED ACCOUNTING. Comprehensive Revaluation of Assets and Liabilities
ADVANCED ACCOUNTING Comprehensive Revaluation of Assets and Liabilities Presented by: Endra M. Sagoro Economic Faculty Yogyakarta State University 1 Comprehensive Revaluation of Assets and Liabilities
More informationNOTES FOR COMPLETION OF THE DATA ITEMS RELATING TO CONSUMER CREDIT ACTIVITIES
16 Annex 38BG NOTES FOR COMPLETION OF THE DATA ITEMS RELATING TO CONSUMER CREDIT ACTIVITIES Contents Introduction CCR001: CCR002: CCR003: CCR004: CCR005: CCR006: CCR007: General notes on the data items
More informationIssue No. 3 February 2011 CICA
Reporting Implications of New Auditing and Accounting Standards Issue No. 3 February 2011 CICA Reporting Implications of New Auditing and Accounting Standards ISSUE No. 3 February 2010 This CICA publication
More informationCentral Interior Distance Education School CENTRE FOR LEARNING ALTERNATIVES SCHOOL DISTRICT NO. 57 (PRINCE GEORGE) Accounting 11
Accounting 11 Course Registration Assignment Central Interior Distance Education School CENTRE FOR LEARNING ALTERNATIVES SCHOOL DISTRICT NO. 57 (PRINCE GEORGE) 3400 Westwood Dr., Prince George, B.C. V2N
More informationJanuary Technical Bulletin
January 2014 Technical Bulletin TECHNICAL BULLETIN JANUARY 2014 1 TABLE OF CONTENTS 1. ACCOUNTING... 2 2. ASSURANCE... 11 This technical bulletin covers the various developments from October to December
More informationWESTPOINT CAPITAL PERFORMANCE MORTGAGE INVESTMENT CORPORATION CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED FINANCIAL STATEMENTS December 14, 2012 Independent Auditor s Report To the Shareholders of Westpoint Capital Performance Mortgage Investment Corporation We have audited the accompanying consolidated
More informationIFRS and the role of CIA Standards
IFRS and the role of CIA Standards Presented to: CIA Appointed Actuary Seminar Presented by: Stuart Wason Senior Director, Actuarial Division Office of the Superintendent of Financial Institutions Canada
More informationINTRODUCTION TO THE ACCOUNTING STATEMENTS
INTRODUCTION TO THE ACCOUNTING STATEMENTS The purpose of this course is to introduce you to basic bookkeeping and accounting and thus to eplain the basis upon which financial information is recorded, aggregated
More informationDisclaimer: This resource package is for studying purposes only EDUCATON
Disclaimer: This resource package is for studying purposes only EDUCATON Chapter 1 Objective of Accounting: 1. To identify and measure activities of a business entity in order to evaluate its performance
More informationReporting Implications of the Canadian Auditing Standards (CAS)
Reporting Implications of the Canadian Auditing Standards (CAS) CANADIAN AUDITING STANDARDS Reporting Implications of the Canadian Auditing Standards (CAS) DISCLAIMER This Guide was prepared by the Chartered
More informationTotal assets 2,430,653 2,264,086
of financial position at 31 December 2014 Assets Cash and balances with the Central Bank 376,045 354,862 Loans and advances to banks 347,115 380,728 Derivative financial instruments 2,017 1,237 Financial
More informationConsolidated Financial Statements and Notes. For the three and nine months ended September 30, 2009 and 2008
Consolidated Financial Statements and Notes Consolidated Statement of Earnings (Stated in thousands of Canadian dollars, except per share amounts) Three months ended September 30 Nine months ended September
More informationToronto Parking Authority Audit Results 31 December 2008
Toronto Parking Authority Audit Results 31 December 2008 Report to the Board of Directors April 3, 2009 Members of the Board of Directors of Toronto Parking Authority Dear Members of the Board of Directors:
More informationNOTICE TO SHAREHOLDERS FOR THE THREE MONTHS ENDED JUNE 30, 2009 MOUNTAIN PROVINCE DIAMONDS INC.
NOTICE TO SHAREHOLDERS FOR THE THREE MONTHS ENDED JUNE 30, 2009 MOUNTAIN PROVINCE DIAMONDS INC. Responsibility for Consolidated Financial Statements The accompanying consolidated interim financial statements
More informationFocus On Practice Review Reportable Deficiencies
Public Practice Advisory November 2015 Focus On Practice Review Reportable Deficiencies 2014-15 BACKGROUND The objective of practice inspection that has been adopted by the provincial accounting bodies
More informationBRITISH COLUMBIA INNOVATION COUNCIL
Combined Financial Statements of BRITISH COLUMBIA INNOVATION COUNCIL AUDITORS' REPORT TO THE DIRECTORS We have audited the combined statement of financial position of British Columbia Innovation Council
More informationBROCK UNIVERSITY PENSION PLAN
Financial Statements of BROCK UNIVERSITY PENSION PLAN Registration Number 327767 Statement of Changes in Net Assets and Retained Earnings, with comparative figures for 2009 2010 2009 Increase in net
More informationChapter 4: The Simple Ledger
Chapter 4: The Simple Ledger 4.1: Ledger Accounts Pages 88 92 account a record that documents each change to items in the accounting equation. There is one account for each asset, each liability, and each
More informationIAA Phase 2 Issue Discussion Paper June 2005 Discounting
The issue and its background Many actuaries consider discounting for the time value of money to be fundamental to the assessment and measurement of expected future cash flows, although they recognize the
More informationACCOUNTING CONCEPTS AND PROCEDURES
ACCOUNTING CONCEPTS AND PROCEDURES 1-1 Chapter 1 Learning Objectives 1. Defining and listing the functions of accounting. 2. Recording transactions in the basic accounting equation. 3. Seeing how revenue,
More informationName: Question Marks Suggested Time minutes minutes minutes minutes minutes
Name: MEMORIAL UNIVERSITY OF NEWFOUNDLAND FACULTY OF BUSINESS BUSINESS 6100 TERM TEST # 1 - Value - 21% of your final grade Term test #1 2015 Version 2 Question Marks Suggested Time 1 20 15 minutes 2 10
More informationFinancial Statements. To the Minister of Public Safety
ROYAL CANADIAN MOUNTED POLICE PENSION PLAN ACCOUNT Financial Statements INDEPENDENT AUDITORS REPORT To the Minister of Public Safety Report on the Financial Statements We have audited the accompanying
More informationASPE AT A GLANCE. Financial Statement Presentation
ASPE AT A GLANCE Financial Statement Presentation October 2017 Financial Statement Presentation 1 OVERALL CONSIDERATIONS Effective Date Fiscal years beginning on or after January 1, 2011 2 FAIR PRESENTATION
More informationInterim Consolidated Financial Statements (Unaudited) (Stated in Canadian Dollars) June 30, 2010
Interim Consolidated Financial Statements June 30, 2010 NOTICE TO SHAREHOLDERS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2010 PREMIER GOLD MINES LIMITED MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL REPORTING
More informationAmendment Instrument for National Instrument Prospectus and Registration Exemptions
Amendment Instrument for National Instrument 45-106 Prospectus and Registration Exemptions 1. National Instrument 45-106 Prospectus and Registration Exemptions is amended by this Instrument. 2. Section
More informationCambridge International General Certificate of Secondary Education 0452 Accounting November 2014 Principal Examiner Report for Teachers
ACCOUNTING Cambridge International General Certificate of Secondary Education Paper 0452/11 Paper 11 Key Messages Questions can be set on any section of the syllabus and a good knowledge of all sections
More informationAccounting I Lesson Plan
Accounting I Lesson Plan Name: Terry Wilhelmi Day/Date: Topic: Starting a Proprietorship Unit: Chapter 2 I. Objective(s): By the end of day s lesson, the student will be able to: define accounting terms
More informationHighlights of Section 1591
www.bdo.ca Assurance and accounting ASPE Practice Aid: Section 1591, Subsidiaries New Section 1591, Subsidiaries establishes standards on how to account for subsidiaries in general purpose financial statements.
More informationReporting Implications of the Canadian Auditing Standards (CAS)
Reporting Implications of the Canadian Auditing Standards (CAS) 2ND EDITION CANADIAN AUDITING STANDARDS Reporting Implications of the Canadian Auditing Standards (CAS) 2ND EDITION DISCLAIMER This Guide
More informationNotice of Amendments to National Instrument Certification of Disclosure in Issuers Annual and Interim Filings
Notice of Amendments to National Instrument 52-109 Certification of Disclosure in Issuers Annual and Interim Filings and Companion Policy 52-109CP to National Instrument 52-109 Certification of Disclosure
More informationPUBLIC SERVICE PENSION PLAN ACCOUNT
FINANCIAL STATEMENTS Independent Auditors Report To the President of the Treasury Board Report on the Financial Statements We have audited the accompanying financial statements of the Public Sector Pension
More informationAccounting Definition
Accounting Definition MINSK MINSK INNOVATION UNIVERSITY Oct, 2015 Learning Objectives After this lecture, you should be able to: 1. Define accounting. 2. Describe the primary forms of business organization.
More informationChapter 01 - Introducing Accounting in Business. Chapter Outline
I. Importance of Accounting Accounting is an information and measurement system that identifies, records and communicates relevant, reliable, and comparable information about an organization s business
More informationCHAPTER 12: CORPORATIONS AND THEIR FINANCIAL STATEMENTS
CHAPTER 12: CORPORATIONS AND THEIR FINANCIAL STATEMENTS Chapter Overview A. There are five financial statements used by investors to gauge and compare corporate performance: (1) The balance sheet, which
More informationChapter 1: Business Decisions and Financial Accounting
Test Bank Fundamentals Of Financial Accounting 5th Edition by Fred Phillips, Robert Libby, Patricia Libby, completed download: https://testbankarea.com/download/fundamentals-financialaccounting-5th-edition-test-bank-fred-phillips-robert-libby-patricialibby/
More informationACCOUNTING GRADE 10 NOVEMBER 2015
ACCOUNTING GRADE 10 NOVEMBER 2015 MARKS: 300 TIME: 3 HOURS THIS QUESTION PAPER CONSISTS OF 13 PAGES INCLUDING THE COVER PAGE AND AN ANSWER BOOK OF 14 PAGES. 1 INSTRUCTIONS AND INFORMATION Read the following
More informationFANLING LUTHERAN SECONDARY SCHOOL
FANLING LUTHERAN SECONDARY SCHOOL 2012 2013 2 nd Term Examination S.5 BUSINESS, ACCOUNTING AND FINANCIAL STUDIES Accounting Module Date : 20th June, 2013 Time allowed: 8:30 am - 11:00 am (2 hour 30 minutes)
More informationPositioning IFRS & PSAB in the Federal Government
KPMG LLP Positioning IFRS & PSAB in the Federal Government November 24, 2010 Public Sector Audit Practice Agenda 1. The Journey: Canadian Accounting Standard Changes 2. Key IFRS differences 3. Key PSAB
More informationAccounting Standards Board Update
Chartered Professional Accountants British Columbia Professional Development Course Accounting Standards Board Update COPYRIGHT Institute of Chartered Accountants of BC All rights reserved. No part of
More informationSummary Comparison of Canadian GAAP (Part V) and IFRSs (Part I)
Summary Comparison of Canadian GAAP and IFRSs (Part I) as of December 31, 2009 1. This comparison has been prepared by the staff of the Accounting Standards Board (AcSB) and has not been approved by the
More informationSemi-Annual Management Report of Fund Performance
(the Fund ) For the period ended March 31, 2012 Manager: BMO Investments Inc. Portfolio manager: BMO Asset Management Inc., Toronto, Ontario Semi-Annual Management Report of Fund Performance This semi-annual
More informationACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES (ASPE) UPDATE 2014
OCTOBER 2014 WWW.BDO.CA ASSURANCE AND ACCOUNTING ACCOUNTING STANDARDS FOR PRIVATE ENTERPRISES (ASPE) UPDATE 2014 Introduction During 2014, a number of changes were made to or proposed for Part II of the
More informationFINANCIAL RATIOS. LIQUIDITY RATIOS (and Working Capital) You want current and quick ratios to be > 1. Current Liabilities SAMPLE BALANCE SHEET ASSETS
FINANCIAL RATIOS ROUND ALL ANSWERS TO TWO DECIMALS UNLESS REQUESTED OTHERWISE IN THE PROBLEM LIQUIDITY RATIOS (and Working Capital) You want current and quick ratios to be > 1 Current Ratio Quick Ratio
More informationChapter 1. assembled and processed
1 Introduction to Accounting and Business Chapter 1 Introduction to Accounting and Business Learning Objective 1 Describe the nature of a business, the role of accounting, and ethics in business. Nature
More informationAnnual Report to Shareholders
Annual Report to Shareholders November 15, 2014 REPORT TO SHAREHOLDERS I am pleased to report on the financial results of TD Split Inc. (the Company ) for the years ended November 15, 2014 and 2013. 2013
More informationSummary of Contents. Balance Sheet. Profit & Loss Account. Capital. Lending - Business flows & rates
Sup 16 Ann 19 AR MORTGAGE LENDERS & ADMINISTRATORS RETURN ('MLAR') Summary of Contents Balance Sheet Profit & Loss Account Capital Lending - Business flows & rates Residential Lending to individuals -
More informationCHAPTER 1 Introduction to financial statements
CHAPTER 1 Introduction to financial statements CHAPTER OVERVIEW Chapter 1 introduces you to a variety of financial accounting topics. You will learn about the main forms of business organisation, and the
More informationQUARTERLY SURVEY OF FINANCIAL STATEMENTS Addendum to the Reporting Guides for Financial and Non-Financial Enterprises
QUARTERLY SURVEY OF FINANCIAL STATEMENTS Addendum to the Reporting Guides for Financial and Non-Financial Enterprises The questionnaires used in the Quarterly Survey of Financial Statements have been modified
More informationCSA Staff Notice Issues relating to changeover to International Financial Reporting Standards
CSA Staff Notice 52-324 Issues relating to changeover to International Financial Reporting Standards Purpose The Canadian Accounting Standards Board (AcSB) has confirmed that Canadian generally accepted
More informationBritish Columbia Housing Management Commission Financial Statements March 31, 2009
British Columbia Housing Management Commission Financial Statements Contents Page Statement of Management Responsibility 2 Auditors Report 3 Statement of Financial Position 4 Statement of Operations 5
More informationNOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS
Unaudited Condensed Interim Financial Statements February 29, 2012 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, part 4, subsection 4.3(3)(a), if an auditor
More informationTo the Members of DEHRING BUNTING & GOLDING LIMITED. Auditors' Report
To the Members of Auditors' Report We have audited the financial statements as of and for the year ended, set out on pages 2 to 40, of Dehring Bunting & Golding Limited ( company ) and have obtained all
More informationChapter 3: The Ledger and Double-Entry Accounting System. 3. How to record in Assets, Liabilities & Owner s Equity account:
1 Chapter 3: The Ledger and Double-Entry Accounting System Topic Outline: 1. Ledger 2. Ledger Account the T-account 3. How to record in Assets, Liabilities & Owner s Equity account: - the increases - the
More informationRequest for Comments
Chapter 6 Request for Comments 6.1.1 Notice and Request for Comments Proposed Amendments to NI 81-106 Investment Fund Continuous Disclosure and Companion Policy 81-106CP Investment Fund Continuous Disclosure
More informationBRITISH COLUMBIA FERRY SERVICES INC.
Consolidated Financial Statements of BRITISH COLUMBIA FERRY SERVICES INC. ABCD KPMG LLP Telephone (250) 480-3500 Chartered Accountants Fax (250) 480-3539 St. Andrew's Square II Internet www.kpmg.ca 800-730
More informationNGG Finance plc. Annual Report and Financial Statements. For the year ended 31 March 2015
Annual Report and Financial Statements Strategic Report The Directors present their Strategic Report on the Company for the year ended 31 March 2015. Review of the business The Company holds an investment
More informationChangfeng Energy Inc. FORM F1 MANAGEMENT S DISCUSSION & ANALYSIS June 30, August 18, Introduction
August 18, 2009 Introduction This management discussion and analysis ( MD&A ) provides an analysis of the financial condition and results of operations of Changfeng Energy Inc. (the Company ) and compares
More informationSubmission by the Canadian Institute of Actuaries to the Office of the Superintendant of Financial Institutions. IFRS Life after Phase II
Submission Submission by the Canadian Institute of Actuaries to the Office of the Superintendant of Financial Institutions IFRS Life after Phase II January 2010 Document 210001 Ce document est disponible
More informationWeygandt, Kieso, Kimmel, Trenholm, Kinnear, Barlow, Atkins: Principles of Financial Accounting, Canadian Edition CHAPTER 1. Accounting in Action
CHAPTER 1 Accounting in Action ASSIGNMENT CLASSIFICATION TABLE Study Objectives Questions Brief Exercises Exercises Problems Set A 1. Identify the use and users of accounting and the objective of financial
More informationBACANORA MINERALS LTD. MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE YEAR ENDED JUNE 30, 2010
DATE NOVEMBER 1, 2010 BACANORA MINERALS LTD. The following Management s Discussion and Analysis ("MD&A") should be read in conjunction with Bacanora Minerals Ltd. ("Bacanora" or the "Company") audited
More informationPrivate Enterprise GAAP. Private Enterprise GAAP. Contact Information:
Private Enterprise GAAP Private enterprises have a choice to make as to which set of accounting principles they will follow when preparing their financial statements International Financial Reporting Standards
More informationCANFOR PULP PRODUCTS INC. CANFOR PULP LIMITED PARTNERSHIP
CANFOR PULP PRODUCTS INC. CANFOR PULP LIMITED PARTNERSHIP Condensed Consolidated Financial Statements (unaudited) For the three and nine months ended Canfor Pulp Products Inc. Condensed Balance Sheets
More informationConsolidated Financial Statements
FINANCIAL RESULTS Consolidated Financial Statements MANAGEMENT S RESPONSIBILITY FOR FINANCIAL REPORTING The Bank s management is responsible for the integrity, consistency, objectivity and reliability
More informationLadysmith & District Credit Union Consolidated Financial Statements December 31, 2014
Ladysmith & District Credit Union Consolidated Financial Statements December 31, 2014 Management s Responsibility To the Members of Ladysmith & District Credit Union: Management is responsible for the
More informationCity Savings & Credit Union Limited Financial Statements For the year ended December 31, 2016
Financial Statements Table of Contents Page Management s Responsibility 1 Independent Auditors Report 2 Financial Statements Statement of Financial Position 3 Statement of Income 4 Statement of Comprehensive
More informationRecognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112) Deductible temporary differences
Recognition of Deferred Tax Assets for Unrealised Losses (Amendments to MFRS 112) This Addendum sets out the amendments to MFRS 112 Income Taxes. An entity shall apply the amendments in this Addendum for
More informationInvesting and Financing Decisions and the Accounting System
Investing and Financing Decisions and the Accounting System Chapter 2 Conceptual Framework Objective of Financial Reporting To provide useful economic information to external users for decision making
More informationNotice and Request for Comment
Notice and Request for Comment Proposed Amendments to National Instrument 31-103 Registration Requirements and Exemptions and Companion Policy 31-103 CP Registration Requirements and Exemptions and Proposed
More informationAudit Opinions. A discussion on the qualified audit opinion on B.C. s 2011/12 Summary Financial Statements.
Information Bulletin 2 July 2012 www.bcauditor.com Auditor Gener al s Comments Under section 11 (1) of the Auditor General Act, I am required to report on whether the Province s financial statements are
More informationACCOUNTING AND AUDITING UPDATE
ACCOUNTING AND AUDITING UPDATE August 2015 In this edition Impact of the new revenue standard on the real estate sector p1 Pushdown accounting: A new basis of accounting in separate financial statements
More informationLOREX TECHNOLOGY INC.
LOREX TECHNOLOGY INC. Interim Consolidated Financial Statements For the Three and Six Months Ended March 31, 2010 (these consolidated financial statements have not been reviewed by an independent firm
More informationOntario Realty Corporation. Responsible Annual Report
Ontario Realty Corporation Responsible. 2010-11 Annual Report Ontario Realty Corporation Financial Statements 20 Responsibility for Financial Reporting The accompanying financial statements of Ontario
More informationRestatement of 2004 Results under International Financial Reporting Standards. Grafton Group plc
Restatement of 2004 Results under International Financial Reporting Standards Grafton Group plc 6 July 2005 1 6 July 2005 RESTATEMENT OF 2004 RESULTS UNDER IFRS Grafton Group plc today announces the impact
More informationIntroduction We, the Canadian Securities Administrators (the CSA or we), are implementing amendments to:
NOTICE OF AMENDMENTS TO NATIONAL INSTRUMENT 52-109 CERTIFICATION OF DISCLOSURE IN ISSUERS ANNUAL AND INTERIM FILINGS AND COMPANION POLICY 52-109CP TO NATIONAL INSTRUMENT 52-109 CERTIFICATION OF DISCLOSURE
More informationSupervision. Chapter 16. Reporting requirements
Supervision Chapter Reporting Release 35 Jan 2019 www.handbook.fca.org.uk SUP /2 Notes for completion of Data Items relating to Consumer Credit activities This annex consists only of one or more forms.
More informationStatement of Management s Responsibility for Financial Information
Statement of Management s Responsibility for Financial Information Management of Bank of Montreal (the bank ) is responsible for preparation and presentation of the annual consolidated financial statements,
More informationThe Corporation was incorporated on May 17, 2007 under the Business Corporations Act (Alberta).
DOT Resources Ltd. Management s Discussion and Analysis of Financial Condition and Results of Operations For the Three and Six Months Ended June 30, 2008 This management s discussion and analysis ( MD&A
More informationGuidelines on Accounting During the Transitional Period from Lats to Euros
Guidelines on Accounting During the Transitional Period from Lats to Euros Information for entrepreneurs to whom instructions regarding the dual display period of prices are not applicable by the euro
More informationNature of Business and Accounting
Nature of Business and Accounting A business is an organization in which basic resources (inputs), such as materials and labor, are assembled and processed to provide goods or services (outputs) to customers.
More informationCOPPER ONE INC. Consolidated Financial Statements. December 31, 2010 and (Expressed in Canadian Dollars)
Consolidated Financial Statements (Expressed in Canadian Dollars) December 31, 2010 and 2009 INDEPENDENT AUDITORS REPORT To the Shareholders of Copper One Inc. We have audited the accompanying consolidated
More informationCanadian Association of University Business Officers
Canadian Association of University Business Officers Financial Reporting Information Note Endowments February 2012 Purpose Canadian colleges and universities hereinafter referred to as higher education
More informationCapital Disclosures Template
Octopus Cards Limited for the six months ended 3 June 213 (Expressed in HK$ thousand) Capital Disclosures Template Cross-referenced to Balance Sheet Reconciliation 1 Directly issued qualifying CET1 capital
More informationPRINCE LIMITED You are provided with information for the financial year ended 28 February 2015.
REVISING ADJUSTMENTS FOR THE BALANCE SHEET (LIVE) Section B: Exam Questions Question 1 CONCEPTS GAAP PRINCIPLES 27 AUGUST 2015 REQUIRED: Choose an explanation from COLUMN B that matches a concept in COLUMN
More informationEditorial corrections
Editorial corrections Date posted: September 2016 Compilations of editorial corrections are published three times a year: before IFRS (Blue Book), IFRS (Red Book) and A Guide through IFRS Standards (Green
More informationPROJECT FINANCE CORP.
PROJECT FINANCE CORP. FINANCIAL STATEMENTS FOR THE YEARS ENDED APRIL 30, 2009 and 2008 (audited) AUDITORS REPORT To the Shareholders of Project Finance Corp. We have audited the balance sheets of Project
More informationIFRS Discussion Group Report on the Public Meeting January 12, 2012
IFRS Discussion Group Report on the Public Meeting January 12, 2012 The IFRS Discussion Group is a discussion forum only. The Group s purpose is to assist the Accounting Standards Board (AcSB) regarding
More informationIFRS & Financial Reporting Update. Presented by: Diane McDonald, CPA, CA
IFRS & Financial Reporting Update Presented by: Diane McDonald, CPA, CA IFRS: What s New Issues in adoption so far o What the Regulators have to say o IFRS Discussion Group o Industry Viewpoints New and
More informationUNIVERSITY OF YORK GRADUATE STUDENTS' ASSOCIATION FINANCIAL STATEMENTS 31ST JULY 2011
UNIVERSITY OF YORK GRADUATE STUDENTS' ASSOCIATION FINANCIAL STATEMENTS 31ST JULY 2011 CONTENTS PAGE Auditors' Report 1 Income and Expenditure Account 2 Balance Sheet 3 Notes to the Financial Statements
More informationANNEXURE C. Although financial accounting systems had been a part and parcel of companies,
ANNEXURE C C1. Principles of Accounting Although financial accounting systems had been a part and parcel of companies, engineers who are largely involved in management programs are seldom exposed to the
More informationUGE INTERNATIONAL LTD.
UGE INTERNATIONAL LTD. Management's Discussion and Analysis Three and six months ended June 30, 2017 The following Management s Discussion and Analysis ("MD&A") is prepared as of August 25, 2017 and is
More information