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Basis of presentation | 9 Months Ended
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Sep. 30, 2023
Basis of presentation [Abstract] |
Basis Of Accounting | Note 2 – Basis of Presentation Basis of Presentation The consolidated interim financial statements have been prepared without audit. The Consolidated Statement of Financial Condition data at December 31, 2022 was derived from audited financial statements. The unaudited interim financial statements are, in the opinion of management, a fair statement of the results for the periods reported and include all necessary adjustments, all of a normal recurring nature, for a fair statement of such results. Certain information and note disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from the unaudited financial statements pursuant to the rules and regulations of the Securities and Exchange Commission. Accordingly, these financial statements should be read in conjunction with the audited Consolidated Financial Statements of the Corporation for the year ended December 31, 2022, included in the 2022 Form 10-K. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The Corporation embarked on a broad-based multi-year, technological and business process transformation during the second half of 2022. The needs and expectations of the Corporation’s clients, as well as the competitive landscape, have evolved, requiring the Corporation to make important investments in its technological infrastructure and adopt more agile practices. The Corporation’s technology and business transformation will be a significant priority for the Corporation over the next three years and beyond. As part of this transformation, the Corporation aims to expand its digital capabilities, modernize its technology platform, and implement agile and efficient business processes across the entire Corporation. To facilitate the transparency of the progress with the transformation initiative and to better portray the level of technology related expenses categorized by the nature of the expense, effective in the fourth quarter of 2022, the Corporation has separated technology, professional fees and transactional and items processing related expenses as standalone expense categories in the accompanying Consolidated Statement of Operations. There were no changes to the total operating expenses presented. Prior periods amount in the Consolidated Financial Statements and related disclosures have been reclassified to conform to the current presentation. The following table provides the detail of the reclassifications for each respective quarter: Quarter ended Nine months ended 30-Sep-22 30-Sep-22 Financial statement line item As reported Adjustments Adjusted As reported Adjustments Adjusted Equipment expenses $ 26,626 $ (17,891) $ 8,735 75,193 (49,395) 25,798 Professional fees 112,221 (64,559) 47,662 335,590 (212,706) 122,884 Technology and software expenses - 68,341 68,341 - 213,638 213,638 Processing and transactional services - 32,368 32,368 - 94,358 94,358 Communications 6,224 (2,366) 3,858 18,364 (7,336) 11,028 Other operating expenses 55,486 (15,893) 39,593 120,373 (38,559) 81,814 Net effect on operating expenses $ 200,557 $ - $ 200,557 $ 549,520 $ - $ 549,520 Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

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- Definition The entire disclosure for the basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI https://asc.fasb.org/topic&trid=2122369 + Details
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