Messrs PricewaterhouseCoopers, Certified Auditors, who were appointed by the Board. The annual financial statements presented fairly, in all material  respects, the financial position of the Companies and Intellectual  Property Authority as at 31 March 2018, and its financial performance and cash flows for the year then ended, in accordance with International Financial Reporting Standards. The Authority recorded a profit of P1.44 million, compared to a  loss of P4.54 million during the previous year. The major contributor to improvement in financial performance was an  increase of P8.99 million in Government grants from P30.95 million  in the previous year to P39.93 million in the year under review.  The expenditure was P43.33 million, while income was P44.77  million for the year under review. Expenditure increased by 12%  while income increased by 31% during the year under review.  The Authority is funded by Government grants and in the year  under review, the grant was P39.93 million, representing 90% of  total income. The other major sources of income were “Other  Income” of P4.75 million (comprising fees from ARIPO of P1.43  million, fees from WIPO of P1.28 million, rental from CEDA of P1.84  million and other income of P207 630) and Interest Income of P85 065.  The working capital position of the Authority as at 31 March 2018  showed total current assets of P20.41 million and current liabilities  of P17.89 million, giving a net current assets position of P2.52  million.  Current liabilities included P11.86 million unspent grants received  from Government and payroll accruals of P4.81 million. 2.3 Working Capital 2.2 Financial Results  2.1 Audit Opinion 2.0 Accounts In the opinion of the auditors:  173 