Canadian Association

Significant accounting policies: The financial statements have been prepared in accordance with Canadian accounting standards for not-for-profit organizations and include the following significant accounting policies: (a) Revenue recognition: The Association follows the deferral method of accounting for contributions for not-for-profit organizations. Restricted contributions are recognized as [...] Revenue related to the Canadian Journal of Emergency Medicine (“CJEM”) is recognized as publishing revenue in the year the CJEM is published. [...] Endowment contributions are recognized as direct increases in net assets. The endowment fund balance represents the total cumulative amount of contributions received for the endowment. [...] Investment income, including unrealized gains/losses on investments, related to the Research Endowment Fund and the Ian Stiell Endowment Fund is recognized as investment revenue of the funds when earned.8 CANADIAN ASSOCIATION OF EMERGENCY PHYSICIANS Notes to Financial Statements (continued) Year ended December 31, 2023 1. [...] Deferred contributions are amounts received that have been externally designated to fund the following years' grants and awards. Internally restricted donations are recognized in the statement of operations in the year received. [...] Transaction costs incurred on the acquisition of financial instruments measured subsequently at fair value are expensed as incurred. [...] If events and circumstances reverse in a future period, an impairment loss will be reversed to the extent of the improvement, not exceeding the initial carrying value. [...] The Course was launched in May 2023, and the Association was granted license for the use of the Course.12 CANADIAN ASSOCIATION OF EMERGENCY PHYSICIANS Notes to Financial Statements (continued) Year ended December 31, 2023 6. [...] The program was launched by the Government of Canada in 2020 to provide financing to qualifying small businesses and not-for-profit organizations to ease the financial strain experienced as a result of the COVID-19 pandemic. [...] (ii) Interest rate risk: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Association is exposed to interest rate risk on its interest-bearing investments as disclosed in note 2.15 CANADIAN ASSOCIATION OF EMERGENCY PHYSICIANS Notes to Financial Statements (continued) Year ended