Unaudited Future-Oriented Statement of Operations 2017-2018
Statement of Management Responsibility Responsibility for the compilation, content and presentation of the accompanying future-oriented financial information for the years ended March 31, 2017 and 2018 rests with the Canadian Intergovernmental Conference Secretariat’s (CICS) management. The future-oriented financial information has been prepared by management in accordance with Treasury Board accounting policies which are consistent with Canadian generally accepted accounting principles for the public sector. The future-oriented financial information is submitted for Part III of Estimates (Departmental Plan), and will be used in the department’s Departmental Results Report to compare with actual results. These statements are based on the best information available and the appropriateness of the assumptions adopted as at December 31st, 2016 and reflect the plans described in the Departmental Plan. Management is responsible for the integrity and objectivity of the information contained in future-oriented financial information and for the process of developing assumptions. Assumptions and estimates are based upon information available and known to management at the time of development, reflect current business and economic conditions, and assume a continuation of current governmental priorities and consistency in departmental mandate and strategic objectives. Much of the future-oriented financial information is based on these assumptions, best estimates, and judgment and gives due consideration to materiality. At the time of preparation of these statements, management believes the estimates and assumptions to be reasonable. However, as with all such assumptions, there is a measure of uncertainty surrounding them. This uncertainty increases as the forecast horizon extends. The actual results achieved for the fiscal years covered in the accompanying future-oriented financial information will vary from the information presented and the variations may be material. The Future-oriented Financial Statements for CICS have not been audited. The paper version was approved and signed by: André M. McArdle Secretary, Ottawa, Canada Brian J. Berry, FCPA, FCMA Assistant Secretary and Chief Financial Officer Ottawa, Canada Date: February 13, 2017 Date: February 14, 2017 CANADIAN INTERGOVERNMENTAL CONFERENCE SECRETARIAT Future-Oriented Statement of Operations (unaudited) For the Year ending March 31 Estimated Results Planned Results 2016-17 2017-18 (in dollars) Expenses Conference Services $ 4,008,819 $ 4,601,585 Internal services 2,257,501 1,823,128 Total expenses 6,266,320 6,424,713 Revenues Sharing cost agreement – Transfers received from the provincial governments 1,100,000 1,100,000 Revenues earned on behalf of government (1,100,000) (1,100,000) Total revenues – – Net cost of operations $ 6,266,320 $ 6,424,713 The accompanying notes form an integral part of these future-oriented Statement of Operations. Notes to the Future-Oriented Statements of Operations 1. Methodology and Significant Assumptions The future-oriented statement of operations has been prepared on the basis of government priorities as described in Departmental Plan. The information in the estimated results for fiscal year 2016–17 is based on actual results as at December 31, 2016 and on forecasts for the remainder of the fiscal year. Forecasts have been made for the planned results for the 2017-18 fiscal year. The main assumptions underlying the forecasts are as follows: The department’s activities will remain substantially the same as for the previous year for the current year. The Secretariat expects conference activities […]
by Thomas Walsh
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