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2016 Annual Report - Final

DIVER CERTIFICATION

DIVER CERTIFICATION BOARD OF CANADA STATEMENT OF FINANCIAL POSITION 20142016 Annual Annual Report Report DECEMBER 31 2016 2015 Table of Contents DIVER CERTIFICATION BOARD OF CANADA ASSETS NOTES Who We TO FINANCIAL Are STATEMENTS 3 CURRENT ASSETS International Recognition 3 DECEMBER Cash 31, 2016 $ 320,506 $ 299,606 Our Accounts Vision receivable 41,949 3 45,582 HST receivable 6,963 6,777 Our Mission 3 e) Donated Prepaid services expenses 28,460 13,860 Our Inventory Board of Directors 7,875 3 14,531 The organization benefits greatly from donated materials and services in the form of volunteer time. What The We value Do of donated materials and services is not recognized in these $ financial 405,753 statements. 4 $ 380,356 Message from the Chairman 5 f) Use LIABILITIES of estimates Message from the CEO 6 The CURRENT preparation LIABILITIES of financial statements in conformity with Canadian ASNPO requires management to Auditor’s make Accounts estimates Report payable and and assumptions accrued that liabilities affect the reported amounts of assets $ and 10,489 liabilities 7 and $ 10,319 disclosure Financial Deferred of Statements contingent revenue assets and liabilities at the date of financial statements and 19,896 the reported 8 27,380 amounts Payroll of source revenues deductions and expenses during the reporting period. These estimates 4,624 are reviewed 5,448 periodically Notes to Financial and adjustments Statements are made to income as appropriate in the year they become known. 11 35,009 43,147 g) 2017 Inventory Canadian Underwater Conference and Exhibition 15 Inventories COMMITMENTS consists of (Note log book 6) are stated at the lower of cost or net realizable value on a on a first in first out basis NET ASSETS 3. GOING CONCERN The UNRESTRICTED financial statements have been prepared in accordance with Canadian ASNPO 370,744 on a going 337,209 concern basis. Under the going concern assumption, a organization is viewed as being able to realize its assets and discharge its liabilities in the normal course of operations. $ 405,753 $ 380,356 4. FINANCIAL INSTRUMENTS The organization's financial instruments consist of cash, accounts receivable, HST receivable, accounts payable and accrued liabilities and payroll source deductions. In management's opinion, Approved by the Directors: unless otherwise noted, the organization is not exposed to significant interest rate, currency exchange rate or credit rate risk arising from these financial instruments. Director Under the standards for recognition and measuring financial instruments, all financial assets are classified into one of the following four categories: Director held for trading, held to maturity, loans and receivables or available for sale. All financial liabilities are classified into one of the following two categories: held for trading or other financial liabilities. The organizations financial assets and financial liabilities are classified and measured as follows: ASSET/LIABILITY CATEGORY MEASUREMENT Cash Held for trading Fair values Accounts receivable Loans and receivables Amortized cost HST receivable Loans and receivables Amortized cost Accounts payable and accrued liabilities Other financial liabilities Amortized cost Payroll source deductions Other financial liabilities Amortized cost The fair value of cash approximates its carrying values due to the nature or capacity for prompt liquidation. 2 12

DIVER CERTIFICATION BOARD OF CANADA STATEMENT OF FINANCIAL POSITION 20142016 Annual Annual Report Report DECEMBER 31 2016 2015 Table of Contents DIVER ASSETS CERTIFICATION BOARD OF CANADA Who We Are 3 NOTES CURRENT TO FINANCIAL ASSETS STATEMENTS International Cash Recognition $ 320,506 3 $ 299,606 DECEMBER Our Accounts Vision 31, receivable 2016 41,949 3 45,582 HST receivable 6,963 6,777 Our Prepaid Mission expenses 28,460 3 13,860 4. Our FINANCIAL Inventory Board of INSTRUMENTS Directors (Continued) 7,875 3 14,531 Credit What Risk We Do $ 405,753 4 $ 380,356 Message from the Chairman 5 Credit LIABILITIES risk is the risk that one party to a financial instrument will cause a financial loss for the other party Message by failing from the to CEO discharge an obligation. Financial instruments that potentially subject 6 the company CURRENT to concentrations LIABILITIES of credit risk consist of cash and accounts receivable. The organization Auditor’s Report 7 deposits Accounts its cash payable in reputable and accrued financial liabilities institutions and therefore believes $ 10,489 the risk of loss $ to 10,319 be remote. Financial Deferred The Statements revenue organization is exposed to credit risk from accounts receivable. 19,896 The organization 8 27,380 believes Payroll this source credit deductions risk is minimized as the organization has a large and diverse 4,624 customer base. 5,448 A provision Notes to for Financial impairment Statements of accounts receivable is established when there is objective evidence 11 that the 2017 organization Canadian Underwater will not be able Conference to collect and all amounts Exhibition due. 35,009 43,147 15 Liquidity risk COMMITMENTS (Note 6) Liquidity risk is the risk that the organization will encounter difficulty in meeting obligations associated NET ASSETS with financial liabilities. The entity is exposed to the risk mainly in respect of its accounts payable. The organization generates enough cash from operation activities to fund operations and fulfil obligations as they become due. Sufficient financing facilities are in place should cash requirements UNRESTRICTED exceed cash generated from operations. 370,744 337,209 5. OPERATING GRANTS $ 405,753 $ 380,356 2016 2015 Canada-Nova Scotia Offshore Petroleum Board $ 10,000 $ 10,000 Canada-Newfoundland Approved by the Directors: and Labrador Offshore Petroleum Board 10,000 10,000 Members of the Canadian Association of Petroleum Produces Exxon Mobil Canada Ltd. Director 4,000 4,000 Suncor Energy Inc. 4,000 4,000 Encana Corporation Director 4,000 4,000 Husky Energy Inc. 4,000 4,000 Hibernia Management and Development Company Ltd. 4,000 4,000 40,000 40,000 Prior year grant collected and (uncollected) Encana Coporation (4,000) (4,000) $ 36,000 $ 36,000 2 13

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