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One Drop Canada Essay

3366 words - 14 pages

One Drop Canada

Memo to the Board of Governance

Auditor's OpinionTypeThere are 4 types of audit opinion:Unqualified opinion- which means that an auditor states the financial statements are fairly presented in accordance to GAAP.Qualified opinion- when the auditor encounters one or two types of situations which do not comply with GAAP but the rest of the financial statements are fairly presented.Disclaimer opinion- given by the auditor when the auditor could not form an opinion and thus refuses to present an opinion on the financial statements.Adverse opinion- provided when financial statements are misstated and do not confirm with GAAP. (F/Ss are not fairly presented.)By looking at the ...view middle of the document...

Size and type of CA firmDeloitte is one of the big four CA firms (Deloitte, KPMG, PWC, and Ernst & Young).Canadian GAAP or other basisBased in the auditor's opinion both the organization used Canadian GAAP. This information is useful the users of the financial statement since most of the financial statements of the for-profit organizations are using this GAAP basis in preparing their financial statements. This creates familiarity and an easier understanding of the financial statements by the users, allowing them to make better decisions in allocating their contributions and understanding if the contributions were used in the manner the users wanted (in case the users imposed any restrictions on the contributions). The fact that the organizations use Canadian GAAP as the basis in preparing the financial statements means that the users can compare different financial statements that were prepared on the same basis.Major accounting choices or issues necessary to fully understand statementsSignificant Accounting PoliciesONE DROP Foundation is funded by its Founder, Guy Laliberte and the Cirque du Soleil. The Founder fully funds the administration, and as a result contributions from other sources are allocated to programs that help ONE DROP fulfill its mission.ONE DROP conducts its financial reporting by adhering to the standards of the Canadian generally accepted accounting policies. It has opted to present its financial statements using the fund accounting method, and to recognize contributions it uses the deferral method. The deferral method requires that restricted contributions are only recognized when the related expenses are incurred, and unrestricted contributions are recognized when they are received.ONE DROP presents its financial statements using a General Fund and a Continuity Fund. The General Fund accounts for all the consolidated activities carried out by the organization to implement its programs. Furthermore the fund balances invested in capital assets is the net value of the capital assets, which is net of the deferred contribution related to those capital assets in the statement of financial position. The contributions that qualify as endowments are recorded in the Continuity fund. The Continuity fund signifies the importance the organization puts in maintaining permanence and having the ability to generate enough capital funding for long-term commitments.Capital assets are recorded at costs, while donated capital assets are measured at fair value on the contribution date. Contributed capital assets are deferred and recognized as revenue in accordance with the rate that the asset is amortized. Straight line amortization is adopted with an annual rate of 33% for the computer equipment, software and website. Contributed services, excluding volunteer services, are recognized at fair value when it can be reasonably estimated. ONE DROP does not recognize volunteer service, as the value of the services is difficult to measure.When...

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