Appendix IV: Accounting Treatment and Reporting in Audited Financial Statements & AIR

Size: px
Start display at page:

Download "Appendix IV: Accounting Treatment and Reporting in Audited Financial Statements & AIR"

Transcription

1 Appendix IV: Accounting Treatment and Reporting in Audited Financial Statements & AIR Page 1 of 5 I ) Accounting Treatment to be applied by each Project of a Housing Provider for the capital expenditures approved and funded by the Service Manager under Capital / Infrastructure Repayable Loan Agreement (Loan) The Journal Entries (JE) with sample amounts for a Housing Project to record in their accounting records in order of events are as follows : JE # General Ledger Accounts of a Housing Project Debit Credit 1 Capital Reserve Fund - Expenses per Loan $ Accounts Payable - Trade $ (To record vendor invoice for work approved under Loan Agreement and signed off by Engineers) 2 Bank $ Capital / Infrastructure Repayable Loan* $ (To record receipt of Loan disbursed by Service Manager (SM) of Region of Peel) 3 Accounts Payable - Trade $ Bank $ (To record payment to vendor for invoice posted in JE 1 above) 4 Capital Improvement Assets* $ Capital Reserve Fund - Revenue $ (At fiscal year end only, to record capitalization of all expenditures in Capital Reserve Fund for the year funded by SM'S Repayable Loan) 5 Bank $ Net Rec'd --> $ A - B Capital / Infrastructure Repayable Loan* HST Rebate per AFS --> $ B Revenue - Subsidies - Region of Peel Approved Mthly Subsidy $ --> $ A Amortization Expense* HST Rebate per AFS --> $ B Accumulated Amortization, Capital Improvement Assets* HST Rebate per AFS --> $ B (To record (1) HST Rebate under Loan Agreement noted in AFS (Audited Financial Statements) as repayment when deducted by SM from the then in-year approved monthly subsidy payout plus (2) respective Amortization of the Capital Improvement Assets per HIP P&P 2010 "Exceptions to GAAP for Audited Financial Statements" at ) 6 Capital / Infrastructure Repayable Loan* $ Principal only--> $ X Loan Interest* Y=$0 when not applicable--> $ Y Bank $ Total Paid --> $ X + Y Amortization Expense* same as $ Principal --> $ X Accumulated Amortization, Capital Improvement Assets* same as $ Principal --> $ X (To record (1) blended repayment of Principal and Interest of the outstanding Loan per Amortization Schedule agreed plus (2) respective Amortization of the Capital Improvement Assets per HIP P&P 2010 "Exceptions to GAAP for Audited Financial Statements" at ) * Note: Amortization Expense and Loan Interest on Capital Improvement Assets must be shown below "Excess (Deficiency) of Revenues over Expenditures" on Statement of Operations Also, outstanding balance of Capital / Infrastructure Repayable Loan must always equal to net Capital Improvement Assets

2 Appendix IV: Accounting Treatment and Reporting in Audited Financial Statements & AIR Page 2 of 5. II ) Reporting in Housing Provider's Audited Financial Statements is to include the followings: Please note the Service Manager is referred to as "Region of Peel" in this section. Also, Capital Reserve Fund in AIR is same as Reserve Funds and Replacement Reserve referred in Audited Financial Statements. Statement of Balance Sheet / Financial Position: " Capital Improvement Assets " under "Capital Assets" has two components: 1) The Gross amount represents capitalization of all expenditures of the Capital Reserve Fund disbursed to date by Region of Peel under the Capital / Infrastructure Repayable Loan Agreement 2) Accumulated Amortization is the total principal reduction of the loan since repayment begins Note: The net book value of "Capital Improvement Assets " always equals to the current principal balance of the loan owed to Region of Peel "Capital / Infrastructure Repayable Loan " represents the current principal balance owed to Region of Peel under the Capital / Infrastructure Repayable Loan Agreement and consists of two components: 1) The Gross amount represents total disbursement of the loan received to date from Region of Peel 2) Repayment To-date is the total principal reduction of the loan since repayment begins Note: The net total of "Capital / Infrastructure Repayable Loan" always equals to the net book value of the "Capital Improvement Assets" Statement of Operations: If loan repayment(s) occurred during the reporting fiscal year, Amortization Expense of "Capital Improvement Assets" of equal amount to the reduction of principal in the Capital / Infrastructure Repayable Loan is to be reported below the line for "Excess (Deficiency) of Revenues over Expenditures " followed by reporting of respective Loan Interest. Note: Amortization Expense and Loan Interest must be captured as described. Statement of Replacement Reserve: 1)New line for addition of the in-year disbursement received under Capital / Infrastructure Repayable Loan Agreement 2)New line for subtraction of the capitalization of the in-year expenditure transferred to the Gross amount of "Capital Improvement Assets" Note: Net total for items 1 and 2 must be $0 Statement of Cash Flows: Financing Activities Add: Proceed of Capital / Infrastructure Repayable Loan received from Region of Peel Deduct: Principal portion of Capital / Infrastructure Repayable Loan repaid to Region of Peel Investing Activities Add: Capital Expenditure of Replacement Reserve incurred and funded by Loan from Region of Peel Deduct: Year End Capitalization of Capital Expenditure of Replacement Reserve incurred under Loan from Region of Peel Note: Net must be $0 Notes to Audited Financial Statements: 1) "Capital Improvement Assets" is added as a separate group under Capital Assets noting it is funded by Capital / Infrastructure Repayable Loan from Region of Peel with breakdown by nature of cost and amount. Amortization is recorded when repayment occurs. Accumulated Amortization equals total principal reduction paid to date to Region of Peel. Net book value of "Capital Improvement Assets" always equals current principal balance of "Capital / Infrastructure Repayable Loan" 2) "Capital / Infrastructure Repayable Loan" under Region of Peel's Social Housing Capital Maintenance Strategy payable to Region of Peel with terms and conditions and the followings: i) Loan amount and effective dates per Loan Agreement and interest rate when available ii) Total Disbursement received to-date iii) Total Capital Expenditure incurred to-date iv) Details of Repayments made with forecast on next five years v) Annually, Auditor notes amount of HST rebated by CRA for Capital Expenditures funded under Loan which will then be applied as Loan Repayment, in accordance with the Loan Agreement, either a) against the then net payout of approved subsidy and/or year end settlement payable by Region of Peel until fully recovered; or b) payable by cheque to Region of Peel for the full amount in the event of no ongoing subsidy entitlement.

3 Page 3 of 5 Appendix IV: Accounting Treatment and Reporting in Audited Financial Statements & AIR III ) Reporting in Housing Provider's Annual Information Return (AIR) Reporting of the Net effect of the above sample Journal Entries on Annual Information Return (AIR) at the current fiscal year end: MMAH AIR Page # MMAH AIR Line # Section Heading Line Description Information to Provide $ Amount to Report A3 Statement of Financial Position (Corporate Balance Sheet) A3 329 ASSETS Other programs (describe) Cap Imp Assets by SM Loan $ A3 370 LIABILITIES Other loans (describe) SM Loan to L 329-Cap Imp Assets $ (Note: L 329 should equal to L 370. If not, accrual should be made for outstanding Loan receivable due from SM) A6 Capital Reserve Fund (Housing) A6 656 REVENUE Other In-yr Capital Repayable Loan fr SM $ A6 683 EXPENSES Cap Exp of in-yr Loan: Windows, Flooring $ (Note: L 656 should equal to L 683. If not, accrual should be made for outstanding Loan receivable due from SM)

4 Appendix IV: Accounting Treatment and Reporting in Audited Financial Statements and AIR III) Reporting in Housing Provider's Annual Inforation Return (AIR) Page 4 of 5 Social Housing Annual Information Return Year end: December 31, 2012 Housing Provider Statement of Financial Position (Corporate Balance Sheet) Page A3 ASSETS Cash and investments - capital reserve fund Balance Sheet Notes & Details - A3S ,000 -other (describe) Cash ,000 Subsidies receivable from the service manager 320 Accounts receivable-residential tenants Balance Sheet Notes & Details - A3S Accounts receivable-other (describe) HST & Laundry 322 1,500 Capital Assets (at cost): Shelter - devolved prior federal and provincial projects ,000 Non-shelter - devolved prior federal and provincial projects 327 Sector support devolved prior co-ops only 328 Other programs (describe) Cap Imp Assets by SM Loan 329 Total Lines 325 to ,100,000 Subsidies repayable to the service manager 360 Mortgage loans ,000 Other loans (describe) SM Loan to L 329-Cap Imp Assets 370 Other liabilities (describe) A/P, Deposits 375 9,500 SURPLUS Contributed surplus 380 Capital reserve fund housing ,000 Other reserves (describe) 386 Accumulated surplus/(deficit) Balance Sheet Notes & Details - A3S ,650 TOTAL LIABILITIES AND SURPLUS Lines 360 to ,355,150 MMAH 10/12 Notes: L 329 to report outstanding amount of Capital Improvement Assets funded by SM's Additional Subsidy Loan L 370 to report outstanding amount of the Additional Subsidy Loan payable to SM-Region of Peel. L 329 should equal to L 370. If not, discrepancy represents timing difference.

5 Appendix IV: Accounting Treatment and Reporting in Audited Financial Statements and AIR III) Reporting in Housing Provider's Annual Inforation Return (AIR) Page 5 of 5 Social Housing Annual Information Return Year end: December 31, 2012 Capital Reserve Fund (Housing) Housing Provider Page A6 Provincial Section 95 Program Reformed MNP Name Total BALANCE, BEGINNING OF YEAR Previous year's line , ,288 Revenue Mandatory transfer from operations Line 547 / , ,284 Investment income/(loss) ,850 18,850 Other Transfer to/from reserve, per Region of Peel ,000 25,000 Other In-yr Capital Repayable Loan fr SM 656 Total Lines 652 to ,008, ,008,422 Expenses (by item or category) Cap Exp of in-yr Loan: Windows, Flooring Total expenses Lines 671 to , ,422 BALANCE, END OF YEAR Lines , ,000 ASSETS, END OF YEAR Cash and investments Line , ,000 DIFFERENCE Under (Over) Funded Lines Instructions: If the difference on line 699 is greater than $1,000, provide an explanation for the difference and the corporation's plan to bring the fund into balance. Notes: L 656 to report amount of Repayable Capital Loan received from Service Manager in the reporting fiscal year L 683 to report Capital Expenditure with amount funded by Loan reported on L 656. L 656 should equal to L 683. If not, discrepancy represents timing difference. MMAH 10/12

Changing from Accrual to Cash Accounting

Changing from Accrual to Cash Accounting Changing from Accrual to Cash Accounting Contents About Changing from Accrual to Cash Accounting Description of Accounting Methods Creating a Client Disb Expense (5010) Account Adjusting GST/Vat and Sales

More information

Appendix C: Examples of Common Accounting and Bookkeeping Procedures

Appendix C: Examples of Common Accounting and Bookkeeping Procedures Appendix C: Examples of Common Accounting and Bookkeeping Procedures In this Appendix the use of the term monthly means on a regular cycle, based on the needs of your district. Some of the sample accounting

More information

FINANCIAL AND PURCHASING RECORDS. Includes records showing a summary of receipts, disbursements and other activity against each account.

FINANCIAL AND PURCHASING RECORDS. Includes records showing a summary of receipts, disbursements and other activity against each account. FINANCIAL AND PURCHASING RECORDS FN-1 Account Distribution Summaries (Treasurer s Report) Includes records showing a summary of receipts, disbursements and other activity against each account. Weekly/Monthly-

More information

Definition of Accounting

Definition of Accounting SOLUTIONS TO EXERCISES Lesson 1: Definition of Accounting 1. What is accounting? What are its main functions? Accounting is the process of financially measuring, recording, summarizing and communicating

More information

This policy applies to all communities and describes the following financial issues:

This policy applies to all communities and describes the following financial issues: General Financial Administration Issues Policy F6 Effective Date April 2002 Revision Date March 2016 Page Number 1 of 5 Approval Robert Wavey This policy applies to all communities and describes the following

More information

Accounting Norms and Principles January 7, 2003

Accounting Norms and Principles January 7, 2003 1 Accounting Norms and Principles January 7, 2003 The purpose of an accounting system is to provide credit union management with complete and accurate financial information that can be used to operate

More information

Plan and Track Your Finances

Plan and Track Your Finances Chapter 9 Plan and Track Your Finances 9.1 Finance Your Business 9.2 Pro Forma Financial Statements 9.3 Record Keeping for Businesses Ideas in Action Electronic Safekeeping Katelin Shea addressed the unmet

More information

MOUNTAIN EQUIPMENT CO-OPERATIVE

MOUNTAIN EQUIPMENT CO-OPERATIVE Consolidated Financial Statements of MOUNTAIN EQUIPMENT CO-OPERATIVE KPMG LLP PO Box 10426 777 Dunsmuir Street Vancouver BC V7Y 1K3 Canada Telephone (604) 691-3000 Fax (604) 691-3031 Internet www.kpmg.ca

More information

Accounting Principles Critical to Success Presented By: C. P. Krishnan. www.cakintl.com

Accounting Principles Critical to Success Presented By: C. P. Krishnan. www.cakintl.com Accounting Principles Critical to Success Presented By: C. P. Krishnan Basic Accounting You Need to Know Assets, Liabilities, Equity, Income, & Expenses Assets Includes what you have and what people owe

More information

CHAPTER II GENERAL LEDGER ACCOUNTS

CHAPTER II GENERAL LEDGER ACCOUNTS CHAPTER II GENERAL LEDGER ACCOUNTS A general ledger is basic to an accounting system. The General Ledger of a fund is a summary record containing the balance of assets, liabilities, deferred revenues,

More information

Audit of Cash Balances

Audit of Cash Balances Audit of Cash Balances Chapter 23 2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 23-1 Learning Objective 1 Show the relationship of cash in the bank to the various transaction

More information

Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total $30,690 Requirement 2

Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total $30,690 Requirement 2 Chapter 7 Solutions EXERCISES Exercise 7 2 Cash and cash equivalents includes: Cash in bank checking account $22,500 U.S. treasury bills 5,000 Cash on hand 1,350 Undeposited customer checks 1,840 Total

More information

The Balance Sheet. A practical example & explanation Financial Services Division

The Balance Sheet. A practical example & explanation Financial Services Division The Balance Sheet A practical example & explanation Financial Services Division Published by the Communications Division for [insert Division Name] Division Department of Education and Early Childhood

More information

University of California HASTINGS COLLEGE OF THE LAW Office of Fiscal Services

University of California HASTINGS COLLEGE OF THE LAW Office of Fiscal Services University of California HASTINGS COLLEGE OF THE LAW Office of Fiscal Services Year-End Close Supplement TABLE OF CONTENTS A. OVERVIEW B. DEFINITIONS 1. Accrual Basis of Accounting 2. Accruals 3. Commitments

More information

Manual of Accounting and Financial Reporting for Pennsylvania Public Schools CHAPTER 9 TABLE OF CONTENTS. Chapter 9 9.1

Manual of Accounting and Financial Reporting for Pennsylvania Public Schools CHAPTER 9 TABLE OF CONTENTS. Chapter 9 9.1 Manual of Accounting and Financial Reporting for Pennsylvania Public Schools CHAPTER 9 TABLE OF CONTENTS 9.1 9.1 ENTERPRISE FUNDS 9.2 Nature And Purpose 9.2 Food Service Fund 9.2 Basis Of Accounting And

More information

If a Not-for-profit organization has an organizational audit, it should be submitted with the property audit.

If a Not-for-profit organization has an organizational audit, it should be submitted with the property audit. AUDIT REQUIREMENTS All WHEDA-financed & ARRA developments, unless notified previously, are required to submit an annual audited financial statement within 60 days of fiscal year end. If a Not-for-profit

More information

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688

How to set up a people based. accounting system that makes your. small business work for you. Thomas G. Post. Certified Public Accountant 281-351-2688 How to set up a people based accounting system that makes your small business work for you. By Thomas G. Post Certified Public Accountant 281-351-2688 www.texastaxman.com 1 Title How to set up a people

More information

Revised January 2005 PUBLISHED BY THE

Revised January 2005 PUBLISHED BY THE ACCOUNTING AND FINANCIAL REPORTING FOR LOANS BETWEEN CALIFORNIA CITIES AND RELATED REDEVELOPMENT AGENCIES Revised January 2005 PUBLISHED BY THE CALIFORNIA COMMITTEE ON MUNICIPAL ACCOUNTING (a joint committee

More information

Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased.

Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased. Accounts Payable are the total amounts your business owes its suppliers for goods and services purchased. Accounts Receivable are the total amounts customers owe your business for goods or services sold

More information

AUDIT PLAN: RECEIVABLES

AUDIT PLAN: RECEIVABLES Audit procedures for receivables AUDIT PLAN: RECEIVABLES Completeness Agree the balance from the individual sales ledger accounts to the aged receivables listing and vice versa. Match the total of the

More information

Municipal Accounting Manual

Municipal Accounting Manual Municipal Accounting Manual March 2013 Updated: November 2015 1 Table of Contents Introduction......1 Municipal Financial Statements Overview...... 2 Municipal financial statement purpose...... 2 Municipal

More information

Plan and Track Your Finances

Plan and Track Your Finances Plan and Track Your Finances 9.1 Financing Your Business 9.2 Pro Forma Financial Statements 9.3 Recordkeeping for Businesses Lesson 9.1 Financing Your Business Goals Estimate your startup costs and personal

More information

2014 Business Plan & Budget

2014 Business Plan & Budget 2014 Business Plan & Budget Finance Department Mission Statement To support our internal and external stakeholders in bringing together people, partnerships and possibilities to be financially strong and

More information

GUIDE FOR BASIC ACCOUNTING AND REPORTING FOR DIRECT LOAN PROGRAMS WITHOUT COLLATERAL IN FEDERAL CREDIT PROGRAM

GUIDE FOR BASIC ACCOUNTING AND REPORTING FOR DIRECT LOAN PROGRAMS WITHOUT COLLATERAL IN FEDERAL CREDIT PROGRAM GUIDE FOR BASIC ACCOUNTING AND REPORTING SEPTEMBER 2010 PREPARED BY: CREDIT REFORM SUBCOMMITTEE AND UNITED STATES STANDARD GENERAL LEDGER DIVISION ACCOUNTING SYSTEMS AND STANDARDS DIRECTORATE GOVERNMENTWIDE

More information

In this chapter, we build on the basic knowledge of how businesses

In this chapter, we build on the basic knowledge of how businesses 03-Seidman.qxd 5/15/04 11:52 AM Page 41 3 An Introduction to Business Financial Statements In this chapter, we build on the basic knowledge of how businesses are financed by looking at how firms organize

More information

The Pr o f e s s i o n a l La n d l o r d Ho w To

The Pr o f e s s i o n a l La n d l o r d Ho w To The Pr o f e s s i o n a l La n d l o r d Ho w To Providing Property Management Solutions for Over 25 Years Setting up a Loan What follows is one possible way to record a loan and payments of that loan.

More information

204 Reports Included with Version 7.0!

204 Reports Included with Version 7.0! 204 Reports Included with Version 7.0! Accounts Payable Aged A/P summary by name Aged A/P summary by number Detailed A/P activity by name Detailed A/P activity by number Detailed aged A/P by name Detailed

More information

Changing from Cash to Accrual Accounting

Changing from Cash to Accrual Accounting Changing from Cash to Accrual Accounting Contents About Changing the Accounting Method Creating a Client Disb Recov (1210) Account Contacting LexisNexis PCLaw Technical Support Adjusting Disbursements

More information

Pontiac ILF Limited Dividend Housing Association Limited Partnership HUD Project No. 044-35621

Pontiac ILF Limited Dividend Housing Association Limited Partnership HUD Project No. 044-35621 Pontiac ILF Limited Dividend Housing Association Financial Report with Supplemental Information December 31, 2013 Certificate of Partners I certify that I have examined the attached financial statements

More information

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS

CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS C H 2 3, P a g e 1 CH 23 STATEMENT OF CASH FLOWS SELF-STUDY QUESTIONS (note from Dr. N: I have deleted questions for you to omit, but did not renumber the remaining questions) 1. The primary purpose of

More information

Financial Statement Guide. A Guide to Local Government Financial Statements

Financial Statement Guide. A Guide to Local Government Financial Statements Financial Statement Guide A Guide to Local Government Financial Statements January, 2012 Ministry of Community, Sport and 1 Financial Statement Guide Table of Contents Introduction Legislative Requirements

More information

Changing from Accrual to Modified Cash Accounting

Changing from Accrual to Modified Cash Accounting Changing from Accrual to Modified Cash Accounting Contents About Changing from Accrual to Modified Cash Accounting Adjusting GST/Vat and Sales Tax Adjusting Accounts Receivable Adjusting Receive Payments

More information

U.S. Property and Casualty Insurance Company Income Tax Return. For calendar year 2014, or tax year beginning, 2014, and ending, 20.

U.S. Property and Casualty Insurance Company Income Tax Return. For calendar year 2014, or tax year beginning, 2014, and ending, 20. Form 1120-PC Department of the Treasury Internal Revenue Service A Check if: 1 Consolidated return (attach Form 851). 2 Life-nonlife consolidated return.. 3 Schedule M-3 (Form 1120-PC) attached... U.S.

More information

Accounting 101 you don t have to be an accountant to run MYOB Your Daily Lives Cash vs. Accrual Accounting

Accounting 101 you don t have to be an accountant to run MYOB Your Daily Lives Cash vs. Accrual Accounting MYOB US, Inc. April 2002 Accounting 101 Like all small business owners, you went into business with a dream: to sell your unique product or services and make a living for you, your family, and your employees.

More information

Accounting Self Study Guide for Staff of Micro Finance Institutions

Accounting Self Study Guide for Staff of Micro Finance Institutions Accounting Self Study Guide for Staff of Micro Finance Institutions LESSON 5 Summarizing Changes in Financial Position OBJECTIVES The purpose of this lesson is to show how to summarize the transactions

More information

A Quick Guide to Municipal Financial Statements MUNICIPAL AFFAIRS

A Quick Guide to Municipal Financial Statements MUNICIPAL AFFAIRS A Quick Guide to Municipal Financial Statements MUNICIPAL AFFAIRS June 2010 Alberta Municipal Affairs (2010) A Quick Guide to Municipal Financial Statements Edmonton: Alberta Municipal Affairs For more

More information

Basic Accounting Principles

Basic Accounting Principles Basic Accounting Principles Basic Accounting Model The basic accounting model represents the relationship between assets (what the company owns), liabilities (what the company owes), and owner s equity

More information

BASIS OF ACCOUNTING WHICH ONE SHOULD YOU USE?

BASIS OF ACCOUNTING WHICH ONE SHOULD YOU USE? From time to time a question is raised by managers and board members regarding the basis of accounting that should be used when preparing interim financial statements for a homeowners association. Before

More information

Understanding Basic Financial Statements

Understanding Basic Financial Statements Understanding Basic Financial Statements During the accounting cycle, the accounting system is used to track, organize and record the financial transactions of an organization. At the close of each period,

More information

Financial Statements. Trade Centre Limited March 31, 2014

Financial Statements. Trade Centre Limited March 31, 2014 Financial Statements Trade Centre Limited MANAGEMENT S REPORT The financial statements have been prepared by management in accordance with Canadian public sector accounting standards and the integrity

More information

TOWN OF RICHMOND HILL WATER AND WASTEWATER ONTARIO REGULATION 453/07 FINANCIAL PLAN

TOWN OF RICHMOND HILL WATER AND WASTEWATER ONTARIO REGULATION 453/07 FINANCIAL PLAN TOWN OF RICHMOND HILL WATER AND WASTEWATER ONTARIO REGULATION 453/07 FINANCIAL PLAN Financial Plan #022-301 JUNE 3, 2010 CONTENTS Page 1. INTRODUCTION 1.1 Study Purpose 1-1 1.2 Background 1-1 1.2.1 Financial

More information

FINANCE LEASES, HIRE-PURCHASE & CHATTEL MORTGAGE CONTRACTS

FINANCE LEASES, HIRE-PURCHASE & CHATTEL MORTGAGE CONTRACTS FINANCE LEASES, HIRE-PURCHASE & CHATTEL MORTGAGE CONTRACTS THE INCOME TAX, GST & ACCOUNTING TREATMENTS Written by: Tony D Agostino Director Mobility Accounting Solutions August 2012 Phone: (07) 3666 0091

More information

SASKATCHEWAN STUDENT AID FUND FINANCIAL STATEMENTS

SASKATCHEWAN STUDENT AID FUND FINANCIAL STATEMENTS SASKATCHEWAN STUDENT AID FUND FINANCIAL STATEMENTS For Year Ended March 31, 2015 MINISTRY OF ADVANCED EDUCATION PROVINCIAL AUDITOR 01 Saskatchewan INDEPENDENT AUDITOR'S REPORT To: The Members of the Legislative

More information

GRAP Implementation Guide for Municipalities

GRAP Implementation Guide for Municipalities GRAP Implementation Guide for Municipalities TOPIC 2.3: BANK ACCOUNTS AND CASH This section of the manual sets out the FSOP s that need to be executed by the municipality regarding Bank Balances and Cash.

More information

Statement of Cash Flows

Statement of Cash Flows THE CONTENT AND VALUE OF THE STATEMENT OF CASH FLOWS The cash flow statement reconciles beginning and ending cash by presenting the cash receipts and cash disbursements of an enterprise for an accounting

More information

MINISTRY OF SMALL BUSINESS AND REVENUE

MINISTRY OF SMALL BUSINESS AND REVENUE The ministry's mission is to promote small business growth by working in partnership with British Columbians; to streamline and simplify the regulatory system to stimulate business growth and investment,

More information

Glossary of Accounting Terms Peter Baskerville

Glossary of Accounting Terms Peter Baskerville Glossary of Accounting Terms Peter Baskerville Account for or 'bring to account': An accounting phrase used to describe the recording of a financial transaction that is required under the generally accepted

More information

Accounting Self Study Guide for Staff of Micro Finance Institutions

Accounting Self Study Guide for Staff of Micro Finance Institutions Accounting Self Study Guide for Staff of Micro Finance Institutions LESSON 2 The Balance Sheet OBJECTIVES The purpose of this lesson is to introduce the Balance Sheet and explain its components: Assets,

More information

Grants to Institutions

Grants to Institutions Grants to Institutions Guidelines for Financial Reporting Grant Administrative Division Project Information Summary FR1 Detailed Expense and Forecast Worksheets FR2 Expense and Forecast Summary Worksheet

More information

Perriam & Partners Ltd Chartered Accountants & Business Advisors

Perriam & Partners Ltd Chartered Accountants & Business Advisors Perriam & Partners Ltd Chartered Accountants & Business Advisors 2014 BUSINESS QUESTIONNAIRE BUSINESS NAME: E-MAIL ADDRESS: CONTACT PERSON: HOME PHONE NUMBER: CELLPHONE NUMBER: ADDRESS: AUTHORITY AND TERMS

More information

Inaugurating your books with QuickBooks is a breeze if you ve just started a business:

Inaugurating your books with QuickBooks is a breeze if you ve just started a business: Setting Up Existing Records in a New Company File APPENDIX I Inaugurating your books with QuickBooks is a breeze if you ve just started a business: your opening account balances are zero and you build

More information

Financial Statements. The Incorporated Synod of the Diocese of Algoma. December 31, 2011

Financial Statements. The Incorporated Synod of the Diocese of Algoma. December 31, 2011 Financial Statements The Incorporated Synod of the Diocese of Algoma December 31, 2011 Contents Page Independent Auditors' Report 1 Statement of Financial Position 3-4 Statement of Revenue and Expenses

More information

ACCOUNTING TIPS For Business Owners. November 20, 2014 Tel: 905.862.4166 Website: lisaritchie.ca

ACCOUNTING TIPS For Business Owners. November 20, 2014 Tel: 905.862.4166 Website: lisaritchie.ca ACCOUNTING TIPS For Business Owners November 20, 2014 Tel: 905.862.4166 Website: lisaritchie.ca Overview Business Owners Are Busy Why Is Accounting Important? Tips for Recordkeeping Account Types Balance

More information

CITY OF GREATER SUDBURY

CITY OF GREATER SUDBURY Financial Statements of CITY OF GREATER SUDBURY Year ended December 31, 2009 KPMG LLP Chartered Accountants AUDITORS' REPORT Members of Council, Inhabitants and Ratepayers of the City of Greater Sudbury

More information

CHAPTER 22. Liabilities CONTENTS

CHAPTER 22. Liabilities CONTENTS CHAPTER 22 Liabilities CONTENTS 22.1 Journal entries for various liabilities 22.2 Journal entries for employee entitlements 22.3 Provision for warranty claim expenses 22.4 Finance of an asset purchase

More information

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS

STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS C H A P T E R 1 0 STATEMENT OF CASH FLOWS AND WORKING CAPITAL ANALYSIS I N T R O D U C T I O N Historically, profit-oriented businesses have used the accrual basis of accounting in which the income statement,

More information

Financial Information Kit

Financial Information Kit Financial Information Kit The purpose of this kit is to provide basic information on keeping financial records to facilitate compliance by registered charities with the requirements of the Canada Revenue

More information

Review of the Accounting Process THE BASIC MODEL

Review of the Accounting Process THE BASIC MODEL THE BASIC MODEL The accounting information system is designed to collect and organize data into information that is useful for stakeholders. The Accounting Equation The basic accounting equation is what

More information

Debt Reduction Plan 2005 Debt Reduction and the Offshore Offset Agreement

Debt Reduction Plan 2005 Debt Reduction and the Offshore Offset Agreement Debt Reduction Plan 2005 Debt Reduction and the Offshore Offset Agreement Honourable Peter Christie Minister of Finance April 28, 2005 Contents Summary..................................1 Introduction...............................3

More information

Basic Accounting. Supplement for Using Simply Accounting Version 8.0 for Windows by. M. Purbhoo and D. Purbhoo

Basic Accounting. Supplement for Using Simply Accounting Version 8.0 for Windows by. M. Purbhoo and D. Purbhoo Basic Accounting Supplement for Using Simply Accounting Version 8.0 for Windows by M. Purbhoo and D. Purbhoo Basic Accounting Contents: Accounting Theory 3 Basic Accounting 3 Balance Sheet 3 Income Statement

More information

Ontario Family Support Program Business Practices, Services and Funding Reference Document 2015-16

Ontario Family Support Program Business Practices, Services and Funding Reference Document 2015-16 Ontario Family Support Program Business Practices, Services and Funding Reference Document 2015-16 Transfer Payment Agencies Ministry of Education December 2014 Contents SECTION 1: INTRODUCTION... 1 SECTION

More information

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT ACCRUAL BASIS JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: MONTH YEAR IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED

More information

Western Climate Initiative, Inc. Accounting Policies and Procedures

Western Climate Initiative, Inc. Accounting Policies and Procedures Western Climate Initiative, Inc. Accounting Policies and Procedures Adopted May 8, 2013 WESTERN CLIMATE INITIATIVE, INC ACCOUNTING POLICIES AND PROCEDURES Adopted May 8, 2013 Table of Contents I. Introduction...

More information

Community Futures Development Corporation of Central Interior First Nations - Investment Fund For the year ended March 31, 2007

Community Futures Development Corporation of Central Interior First Nations - Investment Fund For the year ended March 31, 2007 Community Futures Development Corporation of Central Interior First Nations - Investment Fund For the year ended March 31, 2007 Community Futures Development Corporation of Central Interior First Nations

More information

NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED

NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED FINANCIAL STATEMENTS MARCH 31, 2014 NOVA SCOTIA STRATEGIC OPPORTUNITIES FUND INCORPORATED INDEX MARCH 31, 2014 INDEPENDENT AUDITORS REPORT 1 STATEMENT

More information

COMPONENTS OF THE STATEMENT OF CASH FLOWS

COMPONENTS OF THE STATEMENT OF CASH FLOWS ILLUSTRATION 24-1 OPERATING, INVESTING, AND FINANCING ACTIVITIES COMPONENTS OF THE STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES + Sales and Service Revenue Received Cost of Sales Paid Selling

More information

ARCHDICOESE OF SEATTLE

ARCHDICOESE OF SEATTLE ARCHDICOESE OF SEATTLE SECTION C PARISH ACCOUNTING CONCEPTS INDEX I. ACCOUNTING DEFINITIONS 1C - 3C II. RECORD KEEPING JOURNALS 4C - 5C III. GENERAL LEDGER 5C IV. DOUBLE ENTRY ACCOUNTING V. RECEIVABLES,

More information

CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM

CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM 12-1 CHAPTER XII DOUBLE ENTRY ACCOUNTING SYSTEM SECTION A - ACCOUNTING BASIS The accounting basis for recording transactions will vary according to the purpose for which each fund is established. Generally,

More information

Managing Company Credit Cards

Managing Company Credit Cards Managing Company Credit Cards Contents About Managing Company Credit Cards Managing Credit Cards as Vendors Managing Credit Cards as Short Term Liabilities Paying by General Check Without Posting the Statement

More information

PENNSYLVANIA HOUSING FINANCE AGENCY. FINANCIAL REPORTING MANUAL for Agency Financed Properties and Tax Credit Only Properties (no Agency Financing)

PENNSYLVANIA HOUSING FINANCE AGENCY. FINANCIAL REPORTING MANUAL for Agency Financed Properties and Tax Credit Only Properties (no Agency Financing) PENNSYLVANIA HOUSING FINANCE AGENCY FINANCIAL REPORTING MANUAL for Agency Financed Properties and Tax Credit Only Properties (no Agency Financing) Housing Management Division 211 North Front Street P.O.

More information

Accounts payable Money which you owe to an individual or business for goods or services that have been received but not yet paid for.

Accounts payable Money which you owe to an individual or business for goods or services that have been received but not yet paid for. A Account A record of a business transaction. A contract arrangement, written or unwritten, to purchase and take delivery with payment to be made later as arranged. Accounts payable Money which you owe

More information

DRAFT FOR DISCUSSION ONLY

DRAFT FOR DISCUSSION ONLY FINANCIAL STATEMENTS March 31, 2015 March 31, 2015 CONTENTS Page INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS Statement of Financial Position 2 Statement of Financial Activities and Changes in Net

More information

Financial Management Guide

Financial Management Guide Financial Management Guide Housing Provider Kit FEBRUARY 2015 FINANCIAL MANAGEMENT GUIDE FREQUENTLY ASKED QUESTIONS 1 CHAPTER 1 FINANCIAL ADMINISTRATION 3 Policies and Procedures 3 Mid-Year Budget Review

More information

Understanding Financial Statements. For Your Business

Understanding Financial Statements. For Your Business Understanding Financial Statements For Your Business Disclaimer The information provided is for informational purposes only, does not constitute legal advice or create an attorney-client relationship,

More information

COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries -

COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries - COMPLETION OF THE ACCOUNTING CYCLE - Closing Entries - Worksheet Overview Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Titles Debit Credit Debit Credit Debit

More information

Yardi- Overview. Property Management Platforms

Yardi- Overview. Property Management Platforms Our Experience in Yardi- Overview Established in 1984, Yardi has grown dramatically over the last three decades to become the leading provider of highperformance software solutions for the real estate

More information

CHAPTER 3. BE3-2 Advertising. Dec. 31 Advertising Supplies Expense 7200 Advertising Supplies 7200 to adjust. BE3-3 Bere Co.

CHAPTER 3. BE3-2 Advertising. Dec. 31 Advertising Supplies Expense 7200 Advertising Supplies 7200 to adjust. BE3-3 Bere Co. CHAPTER 3 BE3-2 Advertising Advertising Supplies Supplies Expense 8700 7200 7200 1500 7200 Dec. Advertising Supplies Expense 7200 Advertising Supplies 7200 BE3-3 Bere Co. Prepaid Insurance Insurance Expense

More information

Ministry of Advanced Education Student Aid Fund. Annual Report for 2014-15. saskatchewan.ca

Ministry of Advanced Education Student Aid Fund. Annual Report for 2014-15. saskatchewan.ca Ministry of Advanced Education Student Aid Fund Annual Report for 2014-15 saskatchewan.ca Table of Contents Letters of Transmittal... 1 Introduction... 2 Ministry Overview... 3 Student Financial Assistance

More information

THE FLORIDA INTERNATIONAL UNIVERSITY ACADEMIC HEALTH CENTER HEALTH CARE NETWORK FACULTY GROUP PRACTICE, INC.

THE FLORIDA INTERNATIONAL UNIVERSITY ACADEMIC HEALTH CENTER HEALTH CARE NETWORK FACULTY GROUP PRACTICE, INC. FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2011 CONTENTS Independent Auditors Report... 1-2 Management Discussion and Analysis... 3-7 Basic Financial Statements Statement of Net Assets...8 Statement

More information

TABLE OF CONTENTS CHAPTER 9

TABLE OF CONTENTS CHAPTER 9 TABLE OF CONTENTS CHAPTER 9 Purpose...1 Balance Sheet Accounts...1 Assets...1 Cash...1 Accounts Receivable...2 Accounts Receivable Allowances...4 Loans and Notes Receivable...4 Loans and Notes Allowances...5

More information

F I N A N C I A L S T A T E M E N T S

F I N A N C I A L S T A T E M E N T S F I N A N C I A L S T A T E M E N T S For CANADIAN FORCES PERSONNEL ASSISTANCE FUND For year ended DECEMBER 31, 2007 AUDITORS' REPORT To the Non-Public Property Board We have audited the statement of financial

More information

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009

Consolidated Financial Summary For the third quarter of the fiscal year ending March 31, 2009 Monex Group, Inc. Consolidated Financial Summary under Japanese GAAP for the third quarter of the fiscal year ending March 31, 2009 (April 1, 2008-December 31, 2008) This is an English translation of Japanese

More information

> DO IT! Chapter 3 Adjusting the Accounts. Timing Concepts. Adjusting Entries for Deferrals D-12. Solution

> DO IT! Chapter 3 Adjusting the Accounts. Timing Concepts. Adjusting Entries for Deferrals D-12. Solution Chapter 3 Adjusting the Accounts Timing Concepts Review the glossary terms. Study carefully the revenue recognition principle, the expense recognition principle, and the time period assumption. Several

More information

Welcome to the financial reports topic. 5-1-1

Welcome to the financial reports topic. 5-1-1 Welcome to the financial reports topic. 5-1-1 We will explore the effect of standard processes in SAP Business One on Financial Reports: such as the Balance Sheet, the Trial Balance, and the Profit and

More information

FISCAL POLICIES AND PROCEDURES

FISCAL POLICIES AND PROCEDURES FISCAL POLICIES AND PROCEDURES SECTION 1.1 FINANCIAL RECORDS AND REPORTING Colorado Nonprofit Association's fiscal period begins January 1 and ends December 31. The financial records of the organization

More information

ACCOUNTING AND REPORTING REQUIREMENTS

ACCOUNTING AND REPORTING REQUIREMENTS ACCOUNTING AND REPORTING REQUIREMENTS JULY 21, 2014 TABLE OF CONTENTS 1. INTRODUCTION... 3 2. PRODUCTION / DISTRIBUTION COMPANY ( APPLICANT )... 3 2.1 Certification of Final Activity Cost Statements by

More information

Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods TABLE OF CONTENTS

Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods TABLE OF CONTENTS Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods Module 2: Preparing for Capital Venture Financing Financial Forecasting Methods 1.0 FINANCIAL FORECASTING METHODS 1.01 Introduction

More information

Accounts Payable and Short Term Liabilities

Accounts Payable and Short Term Liabilities Chapter 9 Accounts Payable and Short Term Liabilities Accounts payable represent short term obligations to be paid to parish and school vendors/creditors for goods purchased or services provided. Generally,

More information

DASH ADVANCE PERSONAL LOAN PRODUCT TERMS

DASH ADVANCE PERSONAL LOAN PRODUCT TERMS DASH ADVANCE PERSONAL LOAN PRODUCT TERMS 1. Applicable terms You must read this Dash Advance Personal Loan Product Terms together with our: Customer Terms Personal Loan/Personal Line of Credit/Overdraft

More information

Chapter 6 Statement of Cash Flows

Chapter 6 Statement of Cash Flows Chapter 6 Statement of Cash Flows The Statement of Cash Flows describes the cash inflows and outflows for the firm based upon three categories of activities. Operating Activities: Generally include transactions

More information

Accounting Cycle. Matching Principle

Accounting Cycle. Matching Principle CHAPTER 3 Accounting Cycle Analyze and record the transactions Post the transactions and prepare trial balance Adjust the accounts and prepare trial balance Prepare the financial statements Close the accounts

More information

BALANCE SHEET DATA Account Description Value Details Assets

BALANCE SHEET DATA Account Description Value Details Assets BALANCE SHEET DATA Account Description Value Details Assets 1120 Cash Operations 1121 Construction Cash Account 1125 Cash Entity 1130 Tenant/Member Accounts Receivable (Coops) 1131 Allowance for Doubtful

More information

Study Guide - Final Exam Accounting I

Study Guide - Final Exam Accounting I Study Guide - Final Exam Accounting I True/False Indicate whether the sentence or statement is true or false. 1. Entries in a sales journal affect account balances in both the accounts receivable ledger

More information

Appendix C: HUD-1 Settlement Statement

Appendix C: HUD-1 Settlement Statement Appendix C: HUD-1 Settlement Statement HUD-1 Settlement Statement The Settlement Statement, or HUD-1 Form, details the exact breakdown of all the money paid or received by both the buyer and the seller.

More information

AUDIT GUIDE FOR SECTION 8 MULTI-UNIT HOUSING PROJECTS

AUDIT GUIDE FOR SECTION 8 MULTI-UNIT HOUSING PROJECTS AUDIT GUIDE FOR SECTION 8 MULTI-UNIT HOUSING PROJECTS Asset Performance Section 725 Summer Street, NE, Suite B Salem, Oregon 97301-1266 TABLE OF CONTENTS I. INTRODUCTION, PURPOSE AND USE OF AUDIT GUIDE...

More information

APPENDIX C: GLOSSARY Accrued Benefit Obligation: Accrued Benefit Liability: Accrual Accounting: Accumulated amortization: Accumulated surplus:

APPENDIX C: GLOSSARY Accrued Benefit Obligation: Accrued Benefit Liability: Accrual Accounting: Accumulated amortization: Accumulated surplus: APPENDIX C: GLOSSARY Accrued Benefit Obligation: see Employee Benefits Liability Gross. Accrued Benefit Liability: see Employee Benefits Liability Net. Accrual Accounting: the accrual basis of accounting

More information

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008

Scott s Real Estate Investment Trust. Interim Consolidated Financial Statements (Unaudited) March 31, 2009 and 2008 Interim Consolidated Financial Statements March 31, and Interim Consolidated Balance Sheets (in thousands of dollars) Assets March 31, December 31, Income-producing properties (note 3) 172,404 174,135

More information

Executive Office of the President Office of Management and Budget ACCOUNTING FOR DIRECT LOANS AND LOAN GUARANTEES

Executive Office of the President Office of Management and Budget ACCOUNTING FOR DIRECT LOANS AND LOAN GUARANTEES Executive Office of the President Office of Management and Budget ACCOUNTING FOR DIRECT LOANS AND LOAN GUARANTEES STATEMENT OF FEDERAL FINANCIAL ACCOUNTING STANDARDS NUMBER 2 July 15, 1993 ************************************************************

More information

KPMG LLP Suite 12000 1801 K Street, NW Washington, DC 20006 Independent Auditors Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements

More information