Financial statements Port of Sydney Development Corporation
advertisement
Financial statements
Port of Sydney Development Corporation
March 31, 2016
Contents
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Independent auditor’s report
Grant Thornton LLP
Suite 200
500 George Place
Sydney, NS
B1P 1K6
To the Board of Directors of
Port of Sydney Development Corporation
T (902) 562-5581
F (902) 562-0073
www.GrantThornton.ca
We have audited the accompanying financial statements of Port of Sydney Development
Corporation, which comprise the statement of financial position as at March 31, 2016, and the
statement of operations, statement of changes in net financial liabilities and statement of cash
flows for the year then ended, and a summary of significant accounting policies and other
explanatory information.
Management’s responsibility for the financial statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with Canadian public sector accounting standards, and for such
internal control as management determines is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with Canadian generally accepted auditing standards.
Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
entity's internal control. An audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of accounting estimates made by management, as well as
evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
1
Opinion
In our opinion, these financial statements present fairly, in all material respects, the financial
position of the Corporation as at March 31, 2016, and the results of its operations for the
year then ended in accordance Canadian public sector accounting standards.
Emphasis of Matter
During the current year the Port of Sydney Development Corporation was formed as the
successor to Sydney Ports Corporation. As part of the reorganization which occurred
between these two entities, all of the assets and liabilities were transferred to the Port of
Sydney Development Corporation including the deferred contributions which were received
in prior years by the Sydney Ports Corporation and amortized over the useful life of the
assets they were related to.
Unlike the Sydney Ports Corporation which reported under Part III of the CPA Handbook,
the Port of Sydney Development Corporation reports under the Public Sector Accounting
Standards or PSAS. Under this framework, the Port of Development Corporation is
required to recognize all deferred contributions within the statement of operations in their
entirety. As such, the Port of Sydney Development Corporation’s revenues in the current
year include $5,391,341 which represents the inclusion of these deferred contributions
received in prior years by the Sydney Ports Corporation.
This revenue item does not represent a cash inflow to the entity in the current year. The
adjustment is solely the result of the difference between the accounting standards which
govern the Port of Sydney Development Corporation and prior Sydney Ports Corporation.
Sydney, Canada
September 13, 2016
Chartered Professional Accountants
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