E-1Financial Statements - Redacted
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Opinion We have audited the consolidated financial statements of EfficiencyOne ("the Corporation"), which comprise the consolidated statement of financial position as at December 31, 2022, and the consolidated statements of operations, cha...
AI summary The audit opinion confirms that EfficiencyOne's consolidated financial statements as of December 31, 2022, 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 Auditor's Responsibilities for the Audit of the Financial S...
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 sufficient evidence was obtained to support the 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 Management is responsible for preparing and presenting the consolidated financial statements in accordance with Canadian accounting standards for not-for-profit organizations, ensuring they are free from material misstatement. They also assess the Corporation's ability to continue as a going concern. Those charged with governance oversee the financial reporting process.
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, and issuing an auditor's report expressing an opinion. The audit involves assessing risks, evaluating accounting policies, and ensuring the financial statements are fairly presented.
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 to account for its investment in EfficiencyOne Services Inc. The statements are prepared according to 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 restricted revenue recognized in the year related expenses are incurred. Endowment contributions and investment income are treated as direct increases to net assets or allocated to specific funds based on restrictions.
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. Financial assets measured at amortized cost include cash, accounts receivable, and loan receivable, while financial liabilities measured at amortized cost include accounts payable and loan payable.
Related party transactions Financial assets and financial liabilities obtained in related party transactions are initially measured at cost. Gains or losses arising on initial measurement differences are generally recognized in net surplus...
AI summary This section discusses the accounting treatment of related party transactions, specifying that financial assets and liabilities are initially measured at cost. Gains or losses are recognized in net surplus or equity depending on whether the transaction is in the normal course of operations. Subsequent measurement is based on initial measurement, with adjustments for impairment.
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 preparation of consolidated financial statements requires management to make estimates and assumptions that affect reported financial amounts and disclosures. These estimates are used for items such as allowance for doubtful accounts, fair market value of investments, and accrued liabilities, with actual results potentially differing from estimates.
The costs in each fund include direct costs of the programs which are comprised of, but not limited to, customer payments, program support costs, and other program and administrative costs directly attributable to a program. The Corporatio...
AI summary The document outlines how the Corporation allocates both direct and non-direct costs among its programs, using metrics such as Full-Time Equivalents and Direct Costs as defined in the ENSC Cost Allocation Methodology Report. The CAM is regularly reviewed by the NSUARB.
E-3E1 (NSUARB) RIR-12 to RIR-15
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tment ensures that regulated and unregulated funds are separately reported and accounted for. Please refer to E1's IR response to (b). - (d) Please refer to E1's IR response to (b). - i) Same as (d). - ii) Same as (d). - a. Same as (d). (e...
AI summary The text outlines the requirement for the separate reporting and accounting of regulated and unregulated funds, with multiple references to E1's IR response to (b) and repetition of similar points across different sections.
2 ENSC'S NEW SYSTEM OF ACCOUNTS ENSC is in the process of implementing a new system of accounts. In this system of accounts each transaction will be coded in four ways: - 1. Account code: Each entry is assigned an account code. The account...
AI summary ENSC is implementing a new system of accounts with four coding methods: account code, fund, department, and program. The system includes four funds, 12 departments, and 26 programs, with specific coding for administrative and general costs.
INTRODUCTION The NSUARB has requested an accounting procedures document to accompany the Cost Allocation Methodology (CAM) Report filed by Efficiency Nova Scotia Corporation (ENSC) on September 30, 2011, that will provide greater procedura...
AI summary The NSUARB requested an accounting procedures document to accompany ENSC's CAM Report, providing guidance on how program costs are allocated within ENSC's accounting system. The Appendix outlines procedural direction, includes examples, and notes that Admin/General costs are allocated to the General Fund and corporate departments.