Reporting Standards goods and services to individuals and organizations as (IFRS), and as a result its principal activity. This description does not fit school move from historical costs boards as they are entities organized and operated to fair market value for exclusively for educational purposes. tangible capital assets? Are the amortization rates Yes, they follow the recommended amortization rates as for tangible capital assets set out by the Ministry of Education in the Board “School in the education sector the and School Authority Provincial Accounting Policies & same for all school boards Implementation Guide” available at this link: and school authorities? Is the value reported in the Buildings are reported in the school board financial school board financial statements at cost. Insurance companies use statements for school replacement cost to allow school boards to replace the buildings similar to what an building in the event of fire or other damage. If the insurance company would building is relatively new, the amounts should be determine as a value for a comparable. If the building is older, the two values school building? could be very different. What is the capital wrap The capital wrap up refers to the Ministry’s process of up? wrapping up the old capital funding model based on New Pupil Places (NPP). Under the new model funding, all major capital expenditures must be approved by the Ministry prior to any school construction or major renovations. If were qualifications in The auditor places this paragraph immediately before the auditor’s report where the paragraph in the auditor's report and uses opinion would they be located? the heading "Basis for Qualified "Basis for Opinion," Adverse or "Basis for Disclaimer as Opinion," of Opinion," appropriate. This paragraph in the auditor's report provides a description the matter giving rise to the of modification. When should the legal The legal letter should be dated to approximately match letter be dated? the date that the board of trustees approves the financial statements. Previously, the external auditors dated legal letters when they had substantially completed their audit. The new Canadian auditing standards require that the legal letter be dated as near as practicable to, but not after, the date of the auditor’s report on the financial statements.
Reporting Standards (IFRS), and as a result move from historical costs to fair market value for tangible capital assets? goods and services to individuals and organizations as its principal activity. This description does not fit school boards as they are entities organized and operated exclusively for educational purposes. Are the amortization rates for tangible capital assets in the education sector the same for all school boards and school authorities? Yes, they follow the recommended amortization rates as set out by the Ministry of Education in the “School Board and School Authority Provincial Accounting Policies & Implementation Guide” available at this link: Is the value reported in the school board financial statements for school buildings similar to what an insurance company would determine as a value for a school building? Buildings are reported in the school board financial statements at cost. Insurance companies use replacement cost to allow school boards to replace the building in the event of fire or other damage. If the building is relatively new, the amounts should be comparable. If the building is older, the two values could be very different. What is the capital wrap up? The capital wrap up refers to the Ministry’s process of wrapping up the old capital funding model based on New Pupil Places (NPP). Under the new model funding, all major capital expenditures must be approved by the Ministry prior to any school construction or major renovations. If were qualifications in the auditor’s report where would they be located? The auditor places this paragraph immediately before the opinion paragraph in the auditor's report and uses the heading "Basis for Qualified Opinion," "Basis for Adverse Opinion," or "Basis for Disclaimer of Opinion," as appropriate. This paragraph in the auditor's report provides a description of the matter giving rise to the modification. When should the legal letter be dated? The legal letter should be dated to approximately match the date that the board of trustees approves the financial statements. Previously, the external auditors dated legal letters when they had substantially completed their audit. The new Canadian auditing standards require that the legal letter be dated as near as practicable to, but not after, the date of the auditor’s report on the financial statements.
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