Topic:"Accounting Standards" in M13113

Opinion We have audited the financial statements of The Nova Scotia Independent Energy System Operator (the "IESO Nova Scotia"), which comprise the statement of financial position as at March 31, 2026, the statements of comprehensive incom...

AI summary The financial statements of the IESO Nova Scotia have been audited and are presented fairly in accordance with IFRS Accounting Standards. The audit confirms the accuracy of the financial position and performance as of March 31, 2026.

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 believes the evidence obtained is sufficient to form an opinion on the financial statements.

Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as i...

AI summary Management is responsible for preparing and fairly presenting the financial statements in accordance with IFRS standards, assessing the going concern status of IESO Nova Scotia, and implementing internal controls. Those charged with governance oversee the financial reporting process.

Period from February 18, 2025 to March 31, 2026 (in thousands of dollars) 2026 Comprehensive loss $ (3,169) Operating activities Amortization Expense 152 Interest accrual 31 Change in long-term prepaids (144) Change in non-cash working cap...

AI summary The financial statements show a comprehensive loss of $3,169 thousand for the period from February 18, 2025, to March 31, 2026. Key items include amortization expenses, changes in working capital, and cash flows from operating, investing, and financing activities, ending with an increase in cash of $695 thousand.

(a) Statement of Compliance The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and Interpretations (collectivel...

AI summary The financial statements were prepared in accordance with IFRS and approved by the Board of Directors on August 11, 2026.

ii. Financial liabilities Financial liabilities are recognized initially at fair value plus any directly attributable transaction costs and subsequently measured at amortized cost using the effective interest rate method. Direct and indire...

AI summary The text outlines the accounting treatment for financial liabilities, including initial recognition at fair value and subsequent measurement at amortized cost. It also explains when a financial liability is derecognized, specifically when contractual obligations are discharged, cancelled, or expired.

4. Future adoption of new accounting standards The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of IESO Nova Scotia's financial statements and could have an impact on IESO...

AI summary The document discusses the future adoption of new and amended accounting standards and interpretations by IESO Nova Scotia, which could impact its financial statements. IESO Nova Scotia plans to adopt these standards when they become effective.

IFRS 18 – Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, which replaces IAS 1. While several sections have been brought forward from IAS 1 with limited changes, IFRS 18 introduces new requiremen...

AI summary IFRS 18, issued by the IASB in April 2024, replaces IAS 1 and introduces new requirements for financial statement presentation and disclosure, including changes to the Statement of Profit and Loss, management-defined performance measures, and aggregation/disaggregation of financial information. The standard becomes effective for reporting periods starting on or after January 1, 2027, and IESO Nova Scotia is assessing its impact.

ii. Rate recovery revenue Significant judgement has been applied in determining the timing and amount of rate recovery revenue recognized under IFRS 15, Revenue from Contracts with Customers. In making this determination, management consid...

AI summary The text discusses the application of significant judgment in determining the timing and amount of rate recovery revenue recognized under IFRS 15. Management considered the Nova Scotia Energy Board's decision on interim financial relief and the potential for future regulatory review or adjustment of the recognized amounts.

iv. Borrowing rate The determination of the incremental borrowing rate used to measure lease liabilities (Note 14).

AI summary This section discusses the determination of the incremental borrowing rate used to measure lease liabilities, as outlined in Note 14.

The fair value of financial assets and liabilities, together with the carrying amounts shown in the Statement of FinancialPosition are as follows: Carrying Value Level 1 Fair Value Level 2 Level 3 Cash $ 695 $ 695 – – Accounts receivable $...

AI summary The text presents a table showing the fair value of financial assets and liabilities, including cash, accounts receivable, unbilled revenue, accounts payable, and line of credit, along with their carrying amounts. The data is part of the Notes to Financial Statements for the period from February 18, 2025, to March 31, 2026.

IESO Nova Scotia's director compensation program is designed to attract and retain people with the skills and experience to act as effective independent directors of IESO Nova Scotia. The Board, with the assistance of its Human Resources a...

AI summary IESO Nova Scotia's director compensation program aims to attract and retain qualified independent directors. The Board, with input from its Human Resources and Governance Committee and an independent consultant, has evaluated compensation against similar entities in Atlantic Canada and nationally.