Table of Contents Questions & Answers Relating to Reporting on New Accounting Frameworks.

Questions & Answers Relating to Reporting on New Accounting Frameworks

Q&A 1(a) Application of Auditing Standards to the Opening Statement of Financial Position
Q&A 1(b) Reference to the Financial Reporting Framework in the Practitioner’s Report.
Q&A 1(c) Describing in the Opinion Paragraph in the Auditor’s Report the Information the Financial Statements Are Designed to Present.
Q&A 1(d) Comparative Information and its Effect on the Auditor’s Report on the First Financial Statements Prepared in Accordance with a New Financial Reporting Framework.
Q&A 1(e) Describing the Financial Reporting Framework when an Entity Uses Pre-changeover Accounting Standards in 2010.
Q&A 1(f) Early Adoption of a New Financial Reporting Framework and the Need for an Emphasis of Matter Paragraph
Q&A 1(g) Referring to Canadian GAAP in the Auditor’s Report on Financial Statements Prepared in Accordance with a New Financial Reporting Framework...
Q&A 1(h) The Review Engagement Report on the First Financial Statements Prepared in Accordance with Canadian Accounting Standards for Private Enterprises...
Q&A 1(i) Budget Information in Financial Statements Prepared in Accordance with Canadian Public Sector Accounting Standards.
Q&A 1(j) Correction of Financial Statements in Accordance with Paragraph PS 2120.31 in the CPA Canada Public Sector Accounting Handbook

Questions & Answers on Other Reporting Matters.

Q&A 2(a) Comparative Information and Its Effect on the Auditor’s Report..
Q&A 2(b) Alerting Readers that the Financial Statements Are Prepared in Accordance with a Special Purpose Framework..
Q&A 2(c) The Form of Auditor’s Report on Financial Statements Prepared in Accordance with Different General Purpose Frameworks
Q&A 2(d) Fair Presentation versus Compliance Financial Reporting Frameworks
Q&A 2(e) Emphasis of Matter and Other Matter Paragraphs in the Auditor’s Report.
Q&A 2(f) Dating of the Practitioner’s Report
Q&A 2(g) Including the Additional Wording Required by Paragraph 13 (b) of CAS 800
Q&A 2(h) Reporting on Summary Financial Statements..
Q&A 2(i) Supplementary Information Presented with the Financial Statements.
Q&A 2(j) Determining the Acceptability of a General Purpose Framework and Reporting on an Unacceptable Framework
Q&A 2(k) Prior period financial statements audited by a predecessor auditor

Questions & Answers on Reporting on a Single Financial Statement and a Specific Element, Account or Item of a Financial Statement.

Q&A 3(a) Reporting on a Single Financial Statement and a Specific Element Account or Item of a Financial Statement Illustrative Reports. Introduction to Illustrative Reports..

First Financial Statements Prepared in Accordance with International Financial Reporting Standards.
1(a) IFRSs Are Adopted for Financial Statement Periods Ending Prior to December 14, 2010 — Auditor’s Report Refers to Each Period for which Financial Statements Are Presented..
1(b) IFRSs Are Adopted on the Effective Date — Auditor’s Report Refers to Each Period for which Financial Statements are Presented...
1(c) IFRSs Are Adopted on the Effective Date — Auditor’s Report Refers to the Current Period Only..

First Financial Statements Prepared in Accordance with Other Financial Reporting Frameworks..

2(a) Canadian Accounting Standards for Private Enterprises Are Adopted for Financial Statement Periods Ending Prior to December 14, 2010 — Auditor’s Report Refers to the Current Period Only..
2(b) Canadian Accounting Standards for Private Enterprises Are Adopted for Financial Statement Periods Ending Prior to December 14, 2010 — Review Engagement Report Refers to the Current Period Only.
2(c) Canadian Accounting Standards for Private Enterprises Are Adopted on the Effective Date — Auditor’s Report Refers to Each Period for which Financial Statements Are Presented.
2(d) Canadian Accounting Standards for Private Enterprises Are Adopted on the Effective Date — Auditor’s Report Refers to the Current Period Only`
2(e) Canadian Accounting Standards for Private Enterprises Are Adopted on the Effective Date — Review Engagement Report Refers to the Current Period Only.
2(f) Canadian Accounting Standards for Not-for-Profit Organizations Are Adopted on the Effective Date — Auditor’s Report Refers to Each Period for Which Financial Statements Are Presented.
2(g) Canadian Accounting Standards for Not-for-Profit Organizations Are Adopted on the Effective Date — Auditor’s Report Refers to the Current Period Only
2(h) Canadian Accounting Standards for Pension Plans Are Adopted on the Effective Date — Auditor’s Report Refers to Each Period for which Financial Statements Are Presented.
2(i) Canadian Accounting Standards for Pension Plans Are Adopted on the Effective Date — Auditor’s Report Refers to the Current Period Only.
2(j) Canadian Public Sector Accounting Standards Are Adopted on the Effective Date By an Entity Transitioning from Another Basis of GAAP — Auditor’s Report Refers to Each Period for which Financial Statements Are Presented..
2(k) Canadian Public Sector Accounting Standards Are Adopted on the Effective Date By an Entity Transitioning from Another Basis of GAAP — Auditor’s Report Refers to the Current Period Only
2(l) Canadian Public Sector Accounting Standards Are Adopted on the Effective Date By an Entity Not Transitioning from Another Basis of GAAP — Auditor’s Report Refers to Each Period for which Financial Statements Are Presented
2(m) Canadian Public Sector Accounting Standards Are Adopted on the Effective Date By an Entity Not Transitioning from Another Basis of GAAP — Auditor’s Report Refers to the Current Period Only..

Special Purpose Financial Statements.

3(a) Pension Fund Financial Statements Filed with a Regulator — Transition to New Financial Reporting Framework — Auditor’s Report Refers to the Current Period Only.
3(b) Pension Fund Financial Statements Filed with a Regulator — Auditor’s Report Refers to the Current Period Only..
3(c) Financial Statements Prepared in Accordance with the Terms of a Purchase and Sale Agreement — Auditor’s Report Refers to the Current Period Only.
3(d) Financial Statements of a Co-operative Housing Association Filed with Canada Mortgage and Housing Corporation — Auditor’s Report Refers to the Current Period Only..
3(e) Non-consolidated Financial Statements Prepared for a Specific Purpose in Accordance with a General Purpose Financial Reporting Framework (Canadian accounting standards for private enterprises) — Auditor’s Report Refers t the Current Period Only
3(f) Non-consolidated Financial Statements Prepared in Accordance with a Special Purpose Financial Reporting Framework (Pre-changeover accounting standards) — Auditor’s Report Refers to the Current Period Only.

Reports on Financial Statements Prepared in Accordance with National Instrument 52-107.

4(a) Financial Statements of a Registrant Prepared in Accordance with National Instrument 52-107,
subsection 3.2(4) — Auditor’s Report
4(b) Financial Statements of a Registrant Prepared in Accordance with National Instrument 52-107,
paragraph 3.2(3)(a) — Auditor’s Report..
4(c) Acquisition Statement for an Oil and Gas Property Prepared in Accordance with National
Instrument 52-107, subsection 3.11(5) — Auditor’s Report..

Reports for Audits Conducted in Accordance with Both Canadian Auditing Standards and the Standards of the Public Company Accounting Oversight Board (United States).

5(a) Financial Statements Prepared in Accordance with Pre-changeover Accounting Standards for the Year Ended December 31, 2010, with Reconciliation between United States (US) GAAP and Pre-changeover Accounting Standards — Auditor’s Report.
5(b) Financial Statements Prepared in Accordance with IFRSs for the Year Ended December 31, 2010 —
Auditor’s Report.
5(c) Financial Statements Prepared in Accordance with US GAAP for the Year Ended December 31, 2010 — Auditor’s Report.

Reports for Audits of Single Financial Statements and Specific Elements, Accounts or Items of a Financial Statement

6(a) Schedule of Operating costs Prepared in Accordance with the Terms of a Lease Agreement — Auditor’s Report.
6(b) Schedule of Gross Sales Prepared in Accordance with the Terms of a Lease Agreement —
Auditor’s Report.

Reports Arising from Circumstances Addressed in CAS 710, Comparative Information — Corresponding Figures and Comparative Financial Statements.

7 Summary of Auditor’s Reports and Table of Contents Correction of Financial Statements in Accordance with Paragraph PS 2120.31
8 Corresponding Figures Qualification Arising from a Correction of Financial Statements in Accordance with
Paragraph PS 2120.31

Summary of Changes to this Guide.

Task Force on Audit Reporting Implications of New Canadian Auditing Standards

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