E-12021 Financial Statements - Redacted
13 passages
Opinion We have audited the consolidated financial statements of EfficiencyOne ("the Corporation"), which comprise the consolidated statement of financial position as at December 31, 2021, and the consolidated statements of operations, cha...
AI summary The auditor has reviewed EfficiencyOne's financial statements for the year ending December 31, 2021, and concluded that they present a fair and accurate view of the organization's financial position and performance 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 Auditor's Responsibilities for the Audit of the Consolidate...
AI summary The audit was conducted in accordance with Canadian generally accepted auditing standards, ensuring independence and ethical compliance. The auditor's responsibilities are outlined in the report, and the audit evidence obtained is considered sufficient and appropriate for forming an opinion.
Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Ca...
AI summary This section outlines the responsibilities of management and those charged with governance in preparing and ensuring the accuracy of the consolidated financial statements, in accordance with Canadian accounting standards for not-for-profit organizations. Management is responsible for internal controls and assessing the Corporation's going concern status, while governance oversees the financial reporting process.
Report on Other Legal and Regulatory Requirements We have audited the Corporation's compliance, as at December 31, 2021, with the cost allocation criteria established by the Efficiency Nova Scotia Cost Allocation Methodology Report as file...
AI summary An audit confirms that the Corporation complied with the cost allocation criteria from the Efficiency Nova Scotia Cost Allocation Methodology Report as of December 31, 2021. The audit was conducted by Chartered Professional Accountants and the responsibility for compliance lies with the Corporation's management.
Basis of accounting and consolidation These consolidated financial statements include the assets, liabilities, revenue and expenses of the Corporation and its subsidiary HCi3. The Corporation accounts for investment in EfficiencyOne Servic...
AI summary The consolidated financial statements include the Corporation and its subsidiary HCi3, with the Corporation using the equity method for its investment in EfficiencyOne Services Inc. The statements follow Canadian Accounting Standards for Not-For-Profit Organizations.
Revenue recognition The Corporation follows the deferral method of accounting for revenue. Restricted fee-for-service or contribution revenue is recognized as revenue within the appropriate fund in the year in which the related expenses ar...
AI summary The Corporation uses the deferral method for revenue recognition, with specific rules for restricted fees, contributions, and investment income. Endowment contributions and interest income are allocated to specific funds based on when expenses are incurred or revenue is earned.
2. SIGNIFICANT ACCOUNTING POLICIES (continued) externally imposed restrictions. All other investment income earned on the HCi3 endowment is recorded as direct increases or decreases to net assets.
AI summary The text discusses the accounting treatment of investment income earned on the HCi3 endowment, noting that externally imposed restrictions affect how such income is recorded as direct increases or decreases to net assets.
Financial instruments The Corporation initially measures its financial assets and financial liabilities at fair value. Investments are subsequently measured at fair value and all remaining financial assets and financial liabilities at amor...
AI summary The Corporation measures its financial assets and liabilities at fair value or amortized cost. Assets measured at amortized cost include cash, accounts receivable, and loan receivable, while liabilities measured at amortized cost include accounts payable 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 accounting treatment for impairment of financial assets measured at amortized cost, including the recognition of write-downs in net surplus and the potential reversal of impairment losses under certain conditions.
Use of estimates The preparation of the consolidated financial statements in accordance with Canadian Accounting Standards for Not-For-Profit Organizations requires management to make estimates and assumptions that affect the reported amou...
AI summary The consolidated financial statements require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses. These estimates are used for items such as allowance for doubtful accounts, fair market value of investments, and accrued liabilities, and actual results may differ from these estimates.
Capital Cost Allowance (CCA) Cor ooration's name Business num ax year-end ar Month Day Ef ficiency( )no 80494 7976 RC .021-12-31 니 liciencyc ле 00131 7370 KC 0001 2 .021-12-31 For more e information, see the section called " Capital Cost t...
AI summary The text discusses the Capital Cost Allowance (CCA) and includes a table with details on various classes of assets, their costs, and related financial calculations. It references tax-related terms and regulations, such as the Canada Revenue Agency (CRA) and International Financial Reporting Standards (IFRS).
DECEMBER 31, 2021 Page COMPILATION ENGAGEMENT REPORT 2 STATEMENT OF EARNINGS AND RETAINED EARNINGS 3 BALANCE SHEET 4 NOTES TO THE FINANCIAL STATEMENTS 5-6
AI summary The text provides a compilation engagement report and financial statements for December 31, 2021, including the statement of earnings, balance sheet, and notes to the financial statements.
Auditor's Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether...
AI summary The auditor's responsibilities include obtaining reasonable assurance that the consolidated financial statements are free from material misstatement, whether due to fraud or error. The audit involves assessing risks, evaluating accounting policies, and ensuring the financial statements are fairly presented. The auditor also considers the appropriateness of the going concern basis of accounting and communicates with those charged with governance.