E-1Financial Statements - Redacted, Public Version
17 passages
Report on the Audit of the Financial Statements Opinion We have audited the financial statements of EfficiencyOne ("the Corporation"), which comprise the statement of financial position as at December 31, 2019 and the statements of operati...
AI summary The audit report concludes that the financial statements of EfficiencyOne as of December 31, 2019, are presented fairly 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 auditing standards. The auditors are independent and have fulfilled their ethical responsibilities. Management is responsible for preparing the financial statements and assessing the Corporation's going concern status, while those charged with governance oversee the financial reporting process.
Report on Other Legal and Regulatory Requirements We have audited the Corporation's compliance, as at December 31, 2019, with the cost allocation criteria established by the Efficiency Nova Scotia Cost Allocation Methodology Report as file...
AI summary The audit confirms that the Corporation complied with the cost allocation criteria from the Efficiency Nova Scotia Cost Allocation Methodology Report as of December 31, 2019. The audit was conducted by Chartered Professional Accountants in Dartmouth, Nova Scotia.
2. PRIOR PERIOD ADJUSTMENT Future incentive payments to customers have been presented as commitments through note disclosure rather than through a separate Commitment fund as in prior years. The Corporation uses the deferral method of reve...
AI summary The Corporation has changed its method of accounting for future incentive payments, presenting them as commitments through note disclosure rather than a separate fund. This change affects revenue and expense recognition, leading to a restatement of 2018 financial statements.
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 in accordance with Canadian Accounting Standards for Not-For-Profit Organizations, establishing the basis of accounting used in the reporting.
Revenue recognition The Corporation follows the deferral method of accounting for revenue. Restricted revenue is recognized as revenue in the year in which the related expenses are incurred. Interest revenue on interest bearing deposits is...
AI summary The Corporation uses the deferral method for revenue accounting, recognizing restricted revenue in the year related expenses are incurred. Interest revenue from interest-bearing deposits is recognized in the DSM Fund or PNS Fund in the year it is earned.
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 requires management to make estimates and assumptions that affect reported financial figures. These estimates are used for items like allowance for doubtful accounts and accrued liabilities, with actual results potentially differing from 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.
4. 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 cash, accounts receivable, loan receivable, accounts payable, accrued liabilities, and loan payable.
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. Any previously recognized impairment loss may be reversed...
AI summary The text discusses the impairment testing of financial assets measured at amortized cost, indicating that write-downs are recognized in net surplus and that previously recognized impairment losses may be reversed under certain conditions.
For more information see canada.ca/taxes or Guide T4012, T2 Corporation – Income Tax Guide. 055 Do not use this area 261 Did the corporation receive a distribution from or was it indebted to a non-resident trust in the year? T1142 262 Has...
AI summary The text includes a series of tax-related questions and forms for corporations, including inquiries about distributions from non-resident trusts, SR&ED agreements, dividend elections, and the use of IFRS. It also includes a reference to electricity demand side management as a revenue-generating activity.
- For each property disposed of during the year, deduct from the proceeds of disposition any outlays and expenses to the extent that they were made or incurred for the purpose of making the disposition(s). The amount reported in respect of...
AI summary The text outlines rules for calculating Capital Cost Allowance (CCA), including deductions for property disposition, adjustments for Undepreciated Capital Cost (UCC), specific rates for Accelerated Investment Incentive Property (AIIP), and exceptions for certain property classes. It also addresses methods for claiming CCA and handling recapture scenarios.
DECEMBER 31, 2019 Page INDEPENDENT PRACTITIONERS' REVIEW ENGAGEMENT REPORT 2 STATEMENT OF EARNINGS AND RETAINED EARNINGS 3 BALANCE SHEET 4 STATEMENT OF CASH FLOWS 5 NOTES TO THE FINANCIAL STATEMENTS 6-9
AI summary The document contains a financial report from December 31, 2019, including statements of earnings, retained earnings, balance sheet, cash flows, and notes to the financial statements. It appears to be an independent practitioners' review engagement report.
EfficiencyOne Services Inc. We have reviewed the accompanying financial statements of EfficiencyOne Services Inc. that comprise the balance sheet as at December 31, 2019 and the statements of earnings and retained earnings and cash flows f...
AI summary The document outlines a review of EfficiencyOne Services Inc.'s financial statements for the year ending December 31, 2019, including the balance sheet, statements of earnings, retained earnings, cash flows, and a summary of significant accounting policies.
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 and ensuring internal controls to prevent material misstatements, whether 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 The practitioners' responsibility is to express a conclusion on the financial statements based on a review conducted in accordance with 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 conclusion states that the financial statements of EfficiencyOne Services Inc. as of December 31, 2019, present fairly its financial position and results of operations in accordance with Canadian accounting standards for private enterprises.