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The Government of British Columbia has passed the new Societies Act (the ‘Act’), which repeals and replaces the extant Society Act of 1996, effective November 28, 2016. The Act applies to societies (i.e., not-for-profit corporations) incorporated in British Columbia, and directs how they are created, operated and governed. In addition, there are new requirements for financial reporting by societies.
Societies (other than member-funded societies) must include a note setting out remuneration paid to their directors and their highest paid ($75,000+) employees and contractors in financial statements prepared after November 28, 2016. The disclosure is not required to identify the directors, employees or contractors by name.
Societies must set out details with respect to any financial assistance (such as loans or guarantees) given by the society outside of the ordinary course of its activities in financial statements prepared after November 28, 2016. This disclosure is not required to identify the recipients of financial assistance by name.
Societies (other than member-funded societies) must provide copies of their financial statements to members of the public upon request. Previously, this exemption for member-funded societies was not available.
Additional information on the transition is available on the
Government of British Columbia website.
For more information on the financial reporting library, contact a local
MNP Assurance Professional, or
Jody MacKenzie, Director, Assurance Professional Standards.
This communication contains a general overview of the topic and is current as of November 7, 2016. The application of the principles addressed will depend upon the particular facts and circumstances of each individual case. Accordingly, this publication is not a substitute for professional advice and we recommend that any decisions you take about the application or not of any of the information presented be made in consultation with a qualified professional who can address any variance that may be required to reflect your circumstances. Please contact your local MNP representative for customized assistance with the application of this material. MNP LLP accepts no responsibility or liability for any loss related to any person's use of or reliance upon this material. © MNP LLP 2016. All rights reserved.
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