Small shop
Notes to the Financial Statements
- Accounting Policies
These financial statements are prepared in accordance with Canadian accounting standards for not-for-profit organizations.
Accounting is done on an accrual basis. This means:
- Revenue is recognized when it is earned, regardless of when payment is received. This principle ensures that revenue is recorded in the period in which the related goods and services are provided.
- Expenses are recognized in the same period as the revenue they helped generate. This principle aims to provide a more accurate picture of profitability by aligning costs with related revenues.
In these statements, these principles have been applied to materially-significant events, specifically the annual conference event.
These principles were not applied to annual fees and annually-incurred expenses, as individually these have not been material.
- Net Assets – Internally Restricted
The ISC/SCI has established a Conference Surplus Fund to support future annual conferences and reduce the pressure to break even on every conference. Following an annual conference, the fund is increased or decreased by the amount of the conference’s profit or loss.
This year the conference fund was increased by $344.
- Unusual Expenses
Three invoices that should have been received and paid in the previous fiscal year were paid out this year. They are: