The audited 2010-2011 Financial Statements, reviewed by Grant Thornton LLP Chartered Accountants, were restated and approved by the Board on May 8, 2012. The Restated 2010-11 Consolidated Financial Statements will replace the 2010-11 Consolidated Financial Statements previously approved by the Board on November 15, 2011 and filed with the Ministry of Education..
The purpose of the restatement is detailed in Note #2 of the Notes to the Consolidated Financial Statements.
The audited 2010-11 Consolidated Financial Statements reflect the fact that the following fiscal objectives have been met:
1. The Board is compliant with all Ministry of Education defined expenditure enveloping provisions
2. The Board has no Accumulated Deficit – Available for Compliance in accordance with the Ministry of Education defined parameters.
NOTE: As with all the audited Consolidated Financial Statements since 2004, there has been a significant impact on the content of the Financial Statements resulting from the mandated adoption of Public Sector Accounting Board (“PSAB”) Standards.
Commencing 2010-11, all school boards in Ontario have now been mandated by the Ontario Ministry of Education to adopt the new PSAB section 3410 Government Transfers. Consolidated Financial Statements for all school boards are prepared under a special purpose fair presentation framework, resulting in the basis of accounting as described in Note #1 of the Notes to the Consolidated Financial Statements. This is the last significant step in PSAB adoptions follows seven years (since 2004) of mandatory adoption of generally accepted accounting principles applying the local government accounting standards issued by PSAB of the Canadian Institute of Chartered Accountants.
Included for information purposes are the reports presented to the Audit Committee on April 30, 2012:
1. Report to the Audit Committee:
Reissuance of 2010-11 Financial Statements (Re: POD and EDC Reserves)
2. 2010-11 Financial Statements (Restated)
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