The AcSB held a discussion with the Public Sector Accounting Board to consider a number of fundamental issues needing to be addressed prior to initializing specific project related work.  The Boards discussed:

• the various types of not-for-profit organizations and their diversity within the not-for-profit sector;
• whether financial statements within the not-for-profit sector need to be comparable regardless of whether the organization operates in the private or public sector;
• the different priorities facing each Board; and
• whether they should address the issues raised by respondents together.

The Boards are committed to continue to provide ongoing communications to inform stakeholders of developments.  The AcSB plans to agree on the next steps it will undertake in respect of the standards for not-for-profits in the private sector at its meeting in May 2015.

Read the executive summary.