Investor Presentaiton

CHARTERED PROFESSIONAL ACCOUNTANTS OF NEW BRUNSWICK Notes to Financial Statements Year Ended March 31, 2023 1. PURPOSE OF THE ORGANIZATION Chartered Professional Accountants of New Brunswick (the "Organization") is a not-for-profit organization incorporated provincially under the Companies Act of New Brunswick. As a registered not-for-profit the Organization is exempt from the payment of income tax under Section 149(1) of the Income Tax Act. The Organization operates to self-regulate its members in order to protect the interest of the public. It is also responsible to oversee the accreditation, education, professional development and member services for its Members. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The financial statements were prepared in accordance with Canadian accounting standards for not-for-profit organizations (ASNFPO). Cash and cash equivalents The Organization considers cash on hand, short-term deposits and balances with banks, net of overdrafts as cash or cash equivalents. Bank borrowings are considered to be financing activities. Tangible capital assets Tangible capital assets are stated at cost or deemed cost less accumulated amortization. Tangible capital assets are amortized over their estimated useful lives on a straight-line basis at the following rates: Computer equipment and software Furniture and fixtures Leasehold improvements Photocopier (capital lease) 3-4 years 10 years 10 years 5 years The Organization regularly reviews its tangible capital assets to eliminate obsolete items. Intangible assets The member database is being amortized on a straight-line basis over their estimated useful lives of ten years. (continues) teed saunders 7 charted professional accountants doyle & advisors 24

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