Project Title: Preparation of Financial Statements for Hope Land Congo Canada Inc. (2023 and 2024)

1. Background

Hope Land Congo Canada Inc. is a non-profit organization officially established on March 9, 2024. However, expenses were incurred in 2022 and 2023 as part of the preparatory phase before its creation. These expenses must be accounted for in the initial financial statements. The organization seeks to collaborate with a university program or accounting students to prepare accurate and compliant financial statements.

2. Motivation

• To provide a hands-on learning opportunity for students to apply theoretical accounting knowledge.
• To support the organization’s startup efforts by preparing high-quality financial statements validated by a professional accountant.
• To promote transparency and compliance with financial operations.

3. Objectives

1. Prepare the financial statements for 2023 and 2024, including:

• Balance Sheet
• Income Statement
• Cash Flow Statement

1. Compile and integrate pre-creation expenses (2022-2023) as startup costs.
2. Ensure that the financial statements adhere to applicable accounting standards for non-profit organizations in Canada.
3. Validate the financial statements with the assistance of a professional accountant.

1. Expected Results

• Complete and accurate financial statements for 2023 and 2024.
• A detailed report of pre-creation expenses.
• Students gaining practical experience in preparing financial statements under professional guidance.
• Validation and certification by a professional accountant, enhancing the credibility of the documents.

2. Action Plan

1. Preparation

• Gather all relevant financial data (expenses, receipts, bank accounts).
• Provide students with BDC financial statement templates for guidance.

1. Development

• Form student teams to work on different sections of the financial statements.
• Analyze pre-creation expenses for accurate inclusion.

1. Validation

• Submit the prepared financial statements to a professional accountant for review and certification.

1. Final Report

• Present the validated financial statements along with a summary of key financial insights.

3. Recommendations

It is recommended to:

1. Partner with a university or college offering accounting programs.
2. Appoint an academic supervisor to guide students through the project.
3. Engage a professional accountant to validate the financial statements before their official use.
4. we want this Financial Statements (English and French)

4. Modele : Modèle d’états financiers | BDC.ca