C S E G AN N U AL RE P O R T 2 0 17 42 FI N A N CI A L S CA NA DIA N S O CIE T Y OF EXP LORA T I ON G E OPHY SICIST S Note s t o F ina ncial S t at e m e nt s Y ear E nde d De cember 31 20 17 3 S U MMA RY O F S IG NI F ICA N T ACCO UNT IN G POLICIE S contin u ed S oc ia l c o m m i ttees V ar io us soc i al com m itte es w it hin th e s o c ie ty ha ve m on ie s av ail able to them i n or d er to adm i nister t he s p ec i f ic ac tiv i tie s f or wh i c h th e c o m m i ttees we r e es t abli s h ed T h e f in anc i al ac t iv itie s o f t hes e com m itte es hav e n ot b een r e por te d upo n in t hes e f in anc i al s t atem e nts In c om e tax e s T h e Soc i ety is a not f o r p r of i t o r ga niz ati on and i s ex e m p t f ro m in c om e tax e s pu r s u ant to S ec tio n 1 49 of t he In c om e T a x A c t Me as u r em e nt u nc e r tain ty T h e p r epa r atio n of f i nanc i al s ta tem e nts in c o nf o r m it y w it h Ca nadia n g ener a ll y ac cepte d a c c o unti ng pr i nc ip le s r e qu ir e s m a nag em e nt to m a k e es tim ate s an d as s u m p tio ns th at af f ec t the r e por t ed a m oun t of a s s e ts an d li abil it ie s disc l os u r e of c o ntin ge nt as sets a nd li ab ili tie s a t the da te of th e f in an c ia l s t atem e nts a nd the r e por te d am o unts o f rev enu es and ex p ens e s du r in g th e per i od A c tua l r e s u lts c o uld d if f e r f r o m the s e e s tim ate s 4 INT E R NA LL Y R E ST R ICT E D F UND B AL ANCE S A N D I N T E RF UND T RA NS F E R S T h e in te r nall y r e s tr icte d f un ds h ave be en a llo c a ted as f o ll ow s 20 17 20 16 Oper a tin g f un d r e s e r ve 94 000 0 94 000 0 Con ve ntio n f u nd 13 163 2 13 163 2 10 716 32 10 716 32 T h e S oc ie ty s E x e c utiv e C o m m i ttee has in ter na lly r es t r icted f unds am o untin g to 1 071 632 20 15 1 071 632 T h es e am o unts ar e not a va il able f o r oth er pu r po s es wi th out a ppr o va l o f the Ex e c u tiv e Com m itt ee T h e in te r nall y r e s tr i c ted f und pr ov id es f o r s u s ta in able a dm in istr a tio n r e c o r de r and m em be r s hi p c os t s 5 F URNIT U RE AND E Q UIP ME N T 20 17 20 16 Cos t A c c um u l at ed Net b o ok Net b ook am o r ti z a tio n v al u e v alu e F u r n itu r e a nd f ixtu r es 25 855 18 006 78 49 10 614 6 CA NA DIA N S O CIE T Y OF EXP LORA T I ON G E OPHY SICIST S Note s t o F ina ncial S t at e m e nt s Y ear E nde d De cember 31 20 17 3 S U MMA RY O F S IG NI F ICA N T ACCO UNT IN G POLICIE S contin u ed S oc ia l c o m m i ttees V ar io us soc i al com m itte es w it hin th e s o c ie ty ha ve m on ie s av ail able to them i n or d er to adm i nister t he s p ec i f ic ac tiv i tie s f or wh i c h th e c o m m i ttees we r e es t abli s h ed T h e f in anc i al ac t iv itie s o f t hes e com m itte es hav e n ot b een r e por te d upo n in t hes e f in anc i al s t atem e nts In c om e tax e s T h e Soc i ety is a not f o r p r of i t o r ga niz ati on and i s ex e m p t f ro m in c om e tax e s pu r s u ant to S ec tio n 1 49 of t he In c om e T a x A c t Me as u r em e nt u nc e r tain ty T h e p r epa r atio n of f i nanc i al s ta tem e nts in c o nf o r m it y w it h Ca nadia n g ener a ll y ac cepte d a c c o unti ng pr i nc ip le s r e qu ir e s m a nag em e nt to m a k e es tim ate s an d as s u m p tio ns th at af f ec t the r e por t ed a m oun t of a s s e ts an d li abil it ie s disc l os u r e of c o ntin ge nt as sets a nd li ab ili tie s a t the da te of th e f in an c ia l s t atem e nts a nd the r e por te d am o unts o f rev enu es and ex p ens e s du r in g th e per i od A c tua l r e s u lts c o uld d if f e r f r o m the s e e s tim ate s 4 INT E R NA LL Y R E ST R ICT E D F UND B AL ANCE S A N D I N T E RF UND T RA NS F E R S T h e in te r nall y r e s tr icte d f un ds h ave be en a llo c a ted as f o ll ow s 20 17 20 16 Oper a tin g f un d r e s e r ve 94 000 0 94 000 0 Con ve ntio n f u nd 13 163 2 13 163 2 10 716 32 10 716 32 T h e S oc ie ty s E x e c utiv e C o m m i ttee has in ter na lly r es t r icted f unds am o untin g to 1 071 632 20 15 1 071 632 T h es e am o unts ar e not a va il able f o r oth er pu r po s es wi th out a ppr o va l o f the Ex e c u tiv e Com m itt ee T h e in te r nall y r e s tr i c ted f und pr ov id es f o r s u s ta in able a dm in istr a tio n r e c o r de r and m em be r s hi p c os t s 5 F URNIT U RE AND E Q UIP ME N T 20 17 20 16 Cos t A c c um u l at ed Net b o ok Net b ook am o r ti z a tio n v al u e v alu e F u r n itu r e a nd f ixtu r es 25 855 18 006 78 49 10 614 6