Topic:"Accounting Standards" in M09163

EfficiencyOne Opinion We have audited the financial statements of EfficiencyOne ("the Corporation"), which comprise the statement of financial position as at December 31, 2018 and the statements of operations and changes in fund balances a...

AI summary An audit opinion is provided for EfficiencyOne's financial statements as of December 31, 2018, stating that they present fairly the financial position and results of operations in accordance with Canadian accounting standards for not-for-profit organizations.

Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the "Auditors' Responsibilities for the Audit of the Financial...

AI summary The audit was conducted in accordance with Canadian generally accepted auditing standards, ensuring independence and ethical compliance. The auditors believe the evidence obtained is sufficient and appropriate to support their opinion on the financial statements.

Report on Other Legal and Regulatory Requirements We have audited the Corporation's compliance, as at December 31, 2018, with the cost allocation criteria established by the Efficiency Nova Scotia Cost Allocation Methodology Report as file...

AI summary The report audits the Corporation's compliance with the Efficiency Nova Scotia Cost Allocation Methodology Report as of December 31, 2018. It confirms that the Corporation has complied with the cost allocation criteria in all material respects. Management is responsible for financial statements and internal controls, while those charged with governance oversee the financial reporting process.

Basis of accounting These financial statements have been prepared in accordance with Canadian Accounting Standards for Not‐For‐Profit Organizations.

AI summary The financial statements are prepared according to Canadian Accounting Standards for Not-For-Profit Organizations.

Revenue recognition The Corporation follows the deferral method of accounting for Efficiency Nova Scotia revenue. Restricted revenue is recognized as revenue in the year in which the related expenses are incurred. Interest revenue on inter...

AI summary The Corporation uses the deferral method for recognizing Efficiency Nova Scotia revenue, recognizing it in the year related expenses are incurred. Interest revenue on interest-bearing deposits is recognized in the year it is earned, either in the DSM Fund or PNS Fund.

Use of estimates The preparation of financial statements in accordance with Canadian Accounting Standards for Not‐For‐Profit Organizations requires management to make estimates and assumptions that affect the reported amounts of assets and...

AI summary The preparation of financial statements under Canadian Accounting Standards for Not‐For‐Profit Organizations involves making estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates are used for items like accrued liabilities, and actual results may differ from these estimates.

Subsidiary operations The Corporation accounts for investments in subsidiary operations using the equity method.

AI summary The Corporation uses the equity method to account for investments in subsidiary operations.

3. FINANCIAL INSTRUMENTS The Corporation initially measures its financial assets and financial liabilities at fair value and subsequently measures all its financial assets and financial liabilities at amortized cost. Financial assets measu...

AI summary The Corporation measures its financial assets and liabilities initially at fair value and subsequently at amortized cost, which includes items such as cash, accounts receivable, and loan receivable for assets, and accounts payable, accrued liabilities, and loan payable for liabilities.

Impairment Financial assets measured at amortized cost are tested for impairment when there are indicators of impairment. The amount of any write‐down is recognized in net surplus (deficit). Any previously recognized impairment loss may be...

AI summary The text discusses the impairment testing of financial assets measured at amortized cost, including the recognition of write-downs in net surplus (deficit) and the potential reversal of previously recognized impairment losses under certain conditions.

- Complete this schedule and include it with your T2 return along with the other GIFI schedules. Part 1 – Information on the accountant who prepared or reported on the financial statements X 095 Does the accountant have a professional desi...

AI summary The text provides instructions for completing a schedule related to the accountant's involvement with financial statements, including questions about professional designation, connection to the corporation, type of involvement, and reservations expressed by the accountant.

Capital Cost Allowance (CCA) Corporation's name Business number Year Month Day Tax year-end EfficiencyOne 80494 7976 RC0001 2018-12-31 For more information, see the section called "Capital Cost Allowance" in the T2 Corporation Income Tax G...

AI summary The document provides a table detailing the Capital Cost Allowance (CCA) for EfficiencyOne, including undepreciated capital cost, cost of acquisitions, CCA rates, and related calculations for various asset classes such as furniture, fixtures, and leasehold improvements.

EfficiencyOne Services Inc. We have reviewed the accompanying financial statements of EfficiencyOne Services Inc. that comprise the balance sheet as at December 31, 2018 and the statements of earnings and retained earnings and cash flows f...

AI summary EfficiencyOne Services Inc. has reviewed its financial statements for the year ended December 31, 2018, including the balance sheet, statements of earnings, retained earnings, and cash flows, along with a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with Canadian accounting standards for private enterprises, and for su...

AI summary Management is responsible for preparing and fairly presenting the financial statements in accordance with Canadian accounting standards for private enterprises, ensuring internal controls prevent material misstatements due to fraud or error.

Practitioners' Responsibility Our responsibility is to express a conclusion on the accompanying financial statements based on our review. We conducted our review in accordance with Canadian generally accepted standards for review engagemen...

AI summary Practitioners are responsible for expressing a conclusion on financial statements based on a review conducted under Canadian generally accepted standards for review engagements. This process involves inquiries and analytical procedures but does not provide the same level of assurance as an audit.

Conclusion Based on our review, nothing has come to our attention that causes us to believe that the financial statements do not present fairly, in all material respects, the financial position of EfficiencyOne Services Inc. as at December...

AI summary The financial statements of EfficiencyOne Services Inc. as of December 31, 2018, are reviewed and found to present fairly in accordance with Canadian accounting standards for private enterprises. The review was conducted by Bake Tilly Nova Scotia Inc., Chartered Professional Accountants.

M09163 - EfficiencyOne - 2018 Audited Financial Statements (E-ENS-F-19) On April 16, 2019, EfficiencyOne filed its 2018 Audited Financial Statements. This matter was reviewed by Peter W. Gurnham, Q.C., Chair, and Jennifer L. Nicholson, CPA...

AI summary EfficiencyOne filed its 2018 Audited Financial Statements on April 16, 2019. The Board reviewed the information and accepted it as filed, including confidential portions. The matter was reviewed by Peter W. Gurnham, Q.C., and Jennifer L. Nicholson, CPA, CA.