134 (1) There shall be stated by way of note to the financial statement particulars of any change in accounting principle or practice or in the method of applying any accounting principle or practice made during the period covered that affects the comparability of any of the statements with any of those for the preceding period, and the effect, if material, of any such change upon the profit or loss for the period.  R.S.O. 1990, c. C.35, s. 134 (1). Change in accounting practice (2) For the purpose of subsection (1), a change in accounting principle or practice or in the method of applying any accounting principle or practice affects the comparability of a statement with that for the preceding period, even though such change did not have a material effect upon the profit or loss for the period.  R.S.O. 1990, c. C.35, s. 134 (2). Idem (3) Where applicable, the following matters shall be referred to in the financial statement or by way of note thereto: 1.  The basis of conversion of amounts from currencies other than the currency in which the financial statement is expressed. 2.  Foreign currency restrictions that affect the assets of the co-operative. 3.  Contractual obligations that will require abnormal expenditures in relation to the co-operative’s normal business requirements or financial position or that are likely to involve losses not provided for in the accounts. 4.  Material contractual obligations in respect of long-term leases, including, in the year in which the transaction was effected, the principal details of any sale and lease transaction. 5.  Contingent liabilities, stating their nature and, where practicable, the approximate amounts involved. 6.  Any liability secured otherwise than by operation of law on any asset of the co-operative, stating the liability so secured. 7.  Any default of the co-operative in principal, interest, sinking fund or redemption provisions with respect to any issue of its debt obligations or credit agreements. 8.  The gross amount of arrears of dividends on any class or series of shares and the date to which such dividends were last paid. 9.  Where a co-operative has contracted to issue shares or has given an option to purchase shares, the class and series and the number of shares affected, the price and the date for issue of the shares or exercise of the option. 10.  Where a co-operative has contracted to purchase or resell membership shares, the number of shares affected and price and date for the purchase or resale. 11.  The aggregate direct remuneration paid or payable by the co-operative and its subsidiaries whose financial statements are consolidated with those of the co-operative to the directors and the senior officers and, as a separate amount, the aggregate direct remuneration paid or payable to such directors and senior officers by the subsidiaries of the co-operative whose financial statements are not consolidated with those of the co-operative. 12.  In the case of a co-operative with subsidiaries, the aggregate of any shares in, and the aggregate of any debt obligations of, that co-operative held by a subsidiary corporation whose financial statements are not consolidated with those of the co-operative. 13.  The amount of any loans by the co-operative, or by a subsidiary corporation, otherwise than in the ordinary course of business, during the co-operative’s financial period, to the directors or officers of the co-operative. 14.  Any restriction by the articles or by-laws of the co-operative or by contract on the payment of dividends that is significant in the light of the co-operative’s financial position. 15.  Any event or transaction, other than one in the normal course of business operations, between the date to which the financial statement is made up and the date of the auditor’s report thereon that materially affects the financial statement. 16.  The amount of any obligation for pension benefits arising from service before the date of the balance sheet, whether or not such obligation has been provided for in the accounts of the co-operative, the manner in which the co-operative proposes to satisfy such obligation and the basis on which it has charged or proposes to charge the related costs against operations. 17.  Brief particulars of any action to which the co-operative is a party commenced under section 68 during the period. 18.  In the case of a co-operative, other than a renewable energy co-operative, that transacts business with non-members, (i)  where the amount of business transacted with non-members exceeds 20 per cent, a statement setting out the percentage of such business, or (ii)  where the amount of business transacted with non-members does not exceed 20 per cent, a statement to this effect.  R.S.O. 1990, c. C.35, s. 134 (3); 1994, c. 17, s. 2; 2004, c. 31, Sched. 8, s. 24; 2009, c. 12, Sched. I, s. 7. Idem (4) A note to a financial statement is a part of it.  R.S.O. 1990, c. C.35, s. 134 (4). Interpretation of senior officer (5) In this section, “senior officer” does not include each of the five highest paid employees of a co-operative.  R.S.O. 1990, c. C.35, s. 134 (5). Section Amendments with date in force (d/m/y) 1994, c. 17, s. 2 - 23/06/1994 2004, c. 31, Sched. 8, s. 24 (1, 2) - 31/08/2007 2009, c. 12, Sched. I, s. 7 - 9/09/2009