New Life/A&S CE Course – Understanding, Analyzing and Interpreting Financial Statements

New Life/A&S CE Course – Understanding, Analyzing and Interpreting Financial Statements

4 New Life/A&S CE

Understanding, Analyzing and Interpreting Financial Statements

This course is included as part of your ILS LIFE/A&S Course Subscription

A financial statement provides a record of the financial activities and positions of a business during a period of time. These statements represent a means of communicating a given business’s financial information to different parties who then can base their decisions on the statistics provided. Note that a proper understanding of financial statements is paramount to an individual’s ability to make informed decisions including whether to invest in or grant credit to a business.

In addition, financial statements can help a business owner or shareholder evaluate the performance of the business over a particular period. This is very useful for a business owner since it helps them to evaluate what changes should be made to enhance business processes, or even could be used to determine what bonuses paid to management would be justified

Throughout this course, some basic accounting concepts will be covered that are a prerequisite for you to achieve a proper understanding of financial statements. Accounting is the first language of business and achieving a comprehension of the accounting techniques covered in this course will certainly pay dividends when it comes to interpreting financial statements.

This course covers the following topics:

    • Introduction to Financial Statements
    • Assumptions and Principles of Financial Statements
    • Overview of the 3 Financial Statements
    • Cash Flow Statement
    • Financial Statement Ratio’s
    • Basic Fundamental Analysis
    • Applications for Investing using Financial Statements

Become an ILScorp group member to save even more.

Included as part of the ILScorp Life/A&S CE Subscription.

Access Duration from the Date of Purchase: 6 months
Credit Hours: 4
Credit Type: Life/A&S
Credit #: AIC #47532; MB #29899
Accrediting Provinces: BC, AB, SK, MB, ON

Sample of course material:

Users of Financial Statements

Users of financial statements can broadly be put into two categories: internal users and external users.

Internal Users

These individuals use financial information to plan, organize and run companies. Usually, they work for the company and hold positions such as financial directors, marketing executives, human resource directors and production managers.
Questions these users might ask are:

  1. Do we have enough cash to pay our bills?
  2. How much should we spend on marketing to maximize profits?
  3. What price should we sell our products at to maximize profits?
  4. How many people should we hire, or can we afford our existing employees?
  5. Which product is the most profitable?

To answer these questions, internal users may seek to compare the profitability of business segments over time, analyze costs and forecast sales for a defined timeframe. The value of undertaking these types of activities is always conditional on the accuracy of the financial statements, and the internal user’s understanding of its components.

External Users

These users are not a part of the business and thereby view the company from a distance. Key examples of these types of users include investors and creditors.

Investors will use the contained financial information to determine whether the business represents a worthwhile investment. Similarly, creditors will use financial information to decide if they should lend money to a company, based on their analysis of whether the company can reasonably be expected to repay its debts or not.

In addition to these two standard examples, other external users include labour unions who use financial statements to decide whether a reporting company is paying employees a fair amount, or potential employees who may use financial statements to evaluate job prospects.

Business Activities Recorded in Financial Statements

Businesses engage in three types of activities: Financing, Investing and Operating. These activities are all recorded on financial statements so that stakeholders can analyze them. We provide a description of each below:

Financing Activities

To operate, a business needs to spend money. There are two ways to raise money: the company can borrow money from creditors (debt financing) or it can sell shares to investors in exchange for cash (equity financing).

Selling shares is less risky than taking on debt. Note that debt holders must be paid back before shareholders; therefore, debt holders have a right to the company’s resources before shareholders. If a company cannot repay its debt, then the company will be liquidated and the debt holders will receive the amount that they are owed. In this situation, once the debt holders are paid, shareholders receive the remaining assets, if any remain.

In contrast, once shares are issued a company is not obligated to repay shareholders for their investment, though they often do so. Many companies pay a shareholder a return on their investment so long as creditors have been paid. These shareholder payments are called dividends. Generally, dividends take the form of cash, but they can be paid through other means such as the granting of additional common stocks to common shareholders.

Investing Activities

Money raised from financing activities may then be invested, which is often the primary reason for raising money. Investing activities involves the purchase of assets to be used for business operations. Assets are resources that the company owns and controls. An asset is purchased to provide an economic benefit to the company.

Examples of assets include computers, machines, equipment, land and vehicles. Together these types of assets are called property, plant and equipment or PPE.   Other examples of assets are intangible assets such as Goodwill. Goodwill is the difference between the prices a company pays for an acquisition and the net value of the acquisitions assets.

Operating Activities

Now that the business has the required assets, it can undertake operations. The company uses the assets it bought to create goods that can be sold to consumers. The cash it receives for these goods is referred to as revenue.
The company also must pay for the materials that go into the production of these goods. These material costs are listed as expenses and often called Cost of Goods Sold.


  1. Financing Activities: the act of borrowing money from lenders or issuing equity to investors so that the cash created can be directed to investing activities.
  2. Investing Activities: the purchasing and disposing of assets that are to be used in operating activities.
  3. Operating Activities: the day-to-day operations of a business that result in revenues and expenses.


New Year New You – Level 2

New Year New You – Level 2

New Year, New You. Earn your Level 2 License.

To obtain your Level 2 license you must pass the CAIB 2 and the CAIB 3 exams. (BC, SK, MB)
Use ILScorp’s online CAIB exam preparation courses, or Daily Assisted Virtual Classroom Programs to quickly prepare you for your Level 2 license.

CAIB Exam Prep Self-Study Online Video Courses are divided into easy-to-manage chapters with end of chapter quizzes. Each chapter includes 10-20 video clips of the instructor, along with easy to read text. A downloadable PDF workbook, key terms, a mock midterm and a mock final exam are also included. Once you purchase your subscription, you can begin taking your course immediately! All material is viewed online and is accessible 24/7.



How the CAIB exam preparation courses work

  • Once you purchase, you can begin taking your course immediately! If you are a new subscriber, you will receive an automated username and password by email.
  • All material is viewed online. All you need is an internet connection!
  • Your course can be accessed any time. You can log in and log out as many times as you wish, pause, rewind and review, unlimited access for 4 months.
  • Quizzes and Final exams help you retain the information.
  • Once you feel prepared to write your CAIB exam, you must contact your Insurance Council, or in BC the Brokers Association to book your exam.
  • Should you require any assistance at any time during your course work, we are here to support you! Email


British Columbia Level 2 General Insurance Agent License

A level 2 general insurance agent is not restricted to where he or she can work and is not prohibited from signing contracts of insurance. Although insurance industry experience is not required, an applicant must be an authorized representative of a licensed general insurance agency and have met the educational requirements.

Saskatchewan Level 2 General Insurance Agent License

A Level 2 licensee shall not manage an agency.

Manitoba Level 2 General Insurance Agent License

A level 2 general insurance agent is authorized, to sell the insurance policies authorized under section 3, both inside and outside of the office of a general insurance agency, but is not authorized to manage the office of a general insurance agency
Same Passion. New Address

Same Passion. New Address

ILScorp’s New Location

It’s with great pleasure to let you know that we have relocated to a beautiful and spacious new location.

Our new address is:
Unit #104
1829 Beaufort Avenue
Comox, BC. Canada
V9M 1R9

However, our phone number remains the same at 1-800-404-2211.
Our primary email address is also still the same

Since we first opened our doors in 1991,  our customers loyal business and support is one of the main reasons why we’ve grown so much over the years. We’ve been searching for the ideal location and are happy to tell everyone that we’ve finally found it!

As of November 30, 2017, we are no longer at our Ryan Road address. Feel free to contact us with any questions you may have concerning the new location on Beaufort Avenue or our services.

We look forward to working with you at our new address!


Dana Barr

General Manager

ILScorp Offices Closed During Holiday Season 2017

The ILScorp offices will be closed for the Christmas and Holiday season from December 25, 2017 until January 2, 2018.

During this period our live customer service representatives will be enjoying a well deserved holiday and our phone lines will automatically go to voicemail. Kindly leave us a message or better yet please send in tickets to where your requests will be attended to as soon as possible upon our opening date on Tuesday January 2, 2018.

We invite you to place your orders well in advance in order to ensure we can assist you and you have a Happy Holiday Season too!  During the ILScorp office closure all courses and subscriptions are available to purchase online via credit card.

Please note we will not be scheduling any licensing exams during the closure.

Just for good measure, here are some of our most commonly asked questions:

How do I retrieve my username and password for my insurance courses?

If you have forgotten your username or password simply:

  1. Go to
  2. Click on ‘Forgot Password?’ under the log-in boxes
  3. Enter your email that we currently have on file for you
  4. You will receive an email with your relevant information

I’ve logged in and all I see is  ‘No Courses Found’.

Why can’t I see my courses?

ILScorp courses are available for a specific amount of time from the date of purchase; your course(s) subscription may have expired. CE course subscriptions and individual courses are available for 6 months from the date of purchase, with unlimited amount of access. If you log into your ILScorp profile and do not see any courses listed under the “My Courses” tab, you can renew / purchase your course subscription from the ILScorp Course Catalog, or by choosing your subscription category here. Once your purchase is complete, you will have immediate access to your courses.

How do I register for more online insurance courses?

To renew your subscription or register for a licensing course simply:

  1. Go to
  2. Do not log in – find the course you wish to take off the homepage and click ‘Buy Now’
  3. If you are a returning user – enter your current username/password – click ‘Sign In’ (Do not make a new account)
  4. If you are a new user – create a new account and fill in all applicable information – click ‘Submit Information’
  5. Enter your credit card information as it appears on your billing statement

Visit our FAQ page to see more. HAPPY HOLIDAYS! See you in 2018!

ChAD PDUs not showing on your Chambre PDU file?

ChAD PDUs not showing on your Chambre PDU file?

The deadline for ChAD PDU requirements is Sunday December 31, 2017.  As we quickly approach the ChAD deadline, many of our ILScorp ChAD subscribers are wondering why their completed ChAD PDUs are not showing in their PDU File on the Chambre de l’assurance dommages website.

Your completed PDUs will not show immediately on the ChAD website as they are updated on a bi-monthly basis. ILScorp enters the completed courses on the Chambre’s site on the 16th for courses completed from the 1-15th of the month and on the 1st for courses completed on the 16-31 of the previous month. Please allow a  few business days for all the courses to be entered.  If you’ve completed a course on the 2nd of December it will be entered around the 16th of December. If you complete a course on Dec 16th it will be entered around the 2nd  of January.

The important matter here is that your courses for PDU requirements are completed with a date of no later than December 31, 2017. The PDUs for courses completed prior to or on December 31 will be reported  to ChAD within the time period given to course providers to meet the administration deadline.  These PDUs will appear online once the Chambre de l’assurance dommages reviews the reports and updates your PDU record.

Your license will not be immediately revoked if your PDUs are not reflected on the ChAD website by January 1st, 2018. ChAD will contact you if they believe there is a problem prior to any action being taken.  If you have completed your courses by 31 December our electronic records can be used to verify any questions from ChAD.

ChAD Accredited Courses
Vos UFC de la ChAD ne sont-elles pas affichées dans votre dossier UFC de la Chambre de l’assurance de dommages ?

Le dernier délai pour les besoins des UFC de la ChAD est le dimanche 31 décembre, 2017.  Alors que nous nous approchons rapidement de cette date limite imposée par la ChAD, un grand nombre de nos abonnés à la ChAD ILScorp se demandent pourquoi leurs UFC complétées de la ChAD ne sont pas affichées dans leur dossier UFC sur le site internet de la Chambre de l’assurance de dommages.

Vos UFC complétées ne seront pas affichées immédiatement sur le site internet de la ChAD parce qu’elles sont mises à jour bimestrielle.

Ce qui est important est que vos cours pour les besoins d’UFC soient terminés pas plus tard que le 31 décembre 2017.  Les UFC pour les cours complétés le 31 décembre ou avant seront signalées à la ChAD dans le délai accordé aux prestataires de cours afin que ces derniers puissent respecter le délai d’administration.  Ces UFC apparaîtront en ligne une fois que la Chambre de l’assurance de dommages aura révisé les rapports et mis à jour votre dossier d’UFC.

Votre licence ne sera pas révoquée immédiatement si vos UFC ne sont pas représentées sur le site ChAD à la date du 1er janvier 2018.  Avant que toute démarche ne soit entreprise, la ChAD vous contactera s’il y a lieu de croire qu’il y a un problème.  Si vous avez terminé vos cours le 31 décembre ou avant, nos dossiers électroniques peuvent être utilisés pour vérifier toute question posée par la ChAD.


Deadline for the CSF reference period of December 1, 2015 to November 30, 2017.

Final days for the deadline for the CSF reference period of December 1, 2015 to November 30, 2017.

Did you know you can enter your PDUs on your CSF PDU record?

Here is how  you enter the PDUs obtained for training activities into your PDU record on the CSF website.

You can enter the proof of presence to training activities on the CSF’s website through a secure access in the Members’ Area section.

To activate their online member record, the member must go to the Members’ Area page, click on Activate your membership under the yellow authentication square, and follow the instructions.

Once the Member’s Area is activated, the member will be able to access his PDU record.

The member can enter the PDUs by:

  1. Opening a session on the Members’ Area by entering their certificate number and password
  2. Click on “To consult your PDU record, click here”
  3. Click on Enter activities
  4. Enter the identification number of the training activity. The number is listed on the proof of presence issued by the person responsible for the training activity. It contains 11 to 12 characters and is similar to CSF00-00-00000
  5. Enter the date when the training activity took place
  6. Enter your name and specify the PDU category
  7. Click on “Save”

The member can add training activities or delete them if they were erroneously added by mistake. When they have finished entering the PDUs, the member is encouraged to print the page and keep it until the information entered has been transferred to their PDU record.

It’s important to keep any proof of presence to training activities for 24 months following the reference period during which the activity took place, because the CSF will periodically check with members. Upon request by the CSF, the member must send their proofs of presence within 30 days.



The Regulation of the Chambre de la sécurité financière respecting compulsory professional development applies to every professional holding an authorization issued by the Autorité des marchés financiers allowing him to practise in any of the following sectors and registration categories:

  • Group savings plan brokerage;
  • Scholarship plan brokerage;
  • Insurance of persons;
  • Group insurance of persons.

A representative must accumulate the following professional development units (PDUs):

  • 10 PDUs in general subjects;
  • 10 PDUs in compliance with standards, ethics and business conduct*;
  • 10 PDUs in topics specific to each sector or registration category in which he is authorized to pursue activities

The member can prove they participated in a training activity and enter the PDUs into their record by entering the proof of presence either:

  • Online in their PDU Record in the Members’ Area
  • By fax, at 514-282-3418
  • By email, at
  • By mail at: Chambre de la sécurité financière, 2000, McGill College avenue, 12th floor, Montréal, (Quebec) H3A 3H3


Online Accredited CSF Courses Here



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