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The Accounting Standards Board (AcSB) is another step closer to determining the future for Canadian not-for-profit organizations (NFPOs).
In December 2008, the AcSB and the Public Sector Accounting Board (PSAB) began asking stakeholders for comments on the future direction of financial reporting by both private and public sector NFPOs.
The consensus from those stakeholders is that one set of standards for all NFPOs will not be appropriate, so the plan is to split the standards between public and private sector NFPOs.
Public sector NFPOs will be required to follow the standards released by PSAB, which will incorporate the current Sections 4400 to 4470 of the Handbook for NFPOs (referred to as the “4400 series”) into the PSAB Handbook with some modifications.
Private sector NFPOs will have a choice between Canadian GAAP for NFPOs and International Financial Reporting Standards (IFRS). The AcSB has proposed that Canadian GAAP for NFPOs will comprise of the following:
If an NFPO adopts IFRS, it will do so in full. Such NFPOs should be aware that IFRS doesn’t have anything in their standards similar to the 4400 series. Any NFPO contemplating adopting IFRS should assess the financial reporting impact on their organization.
The AcSB has issued an Exposure Draft (ED) on this proposal and requested feedback on whether you agree with the proposed financial reporting approach for NFPOs and whether consideration should be given to any transitional issues not yet addressed in the ED.
Comments must be received no later than July 15, 2010. View a copy here of the exposure draft and the AcSB’s specific questions on the future of NFPO accounting for the private sector on the AcSB's site.
For more information about the new standards for NFPOs, please contact myself or your local MNP advisor.
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