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Global initiative to develop financial reporting guidance for Not-for-Profit Organizations

Feb 23, 2021

On February 23, 2021, the staff of the Accounting Standards Board (AcSB) announced that it is participating in a global initiative to develop non-authoritative financial reporting guidance for not-for-profit organizations (NFPOs) in jurisdictions that, unlike Canada, currently do not have NFPO accounting standards.

The IFR4NPO Consultation Paper has recently been issued. Canadian stakeholders are encouraged to respond to Part I by July 30, 2021 and Part II by September 24, 2021.

Review the article on the AcSB's website.

New Canadian Guidance for Combinations of Not-for-Profit Organizations

Mar 01, 2021

On March 1, 2021, Section 4449, Combinations by Not-for-Profit Organizations, was added to Part III of the CPA Canada Handbook. This new Section provides the accounting requirements for the recognition, initial measurement and disclosure of a combination by not-for-profit organizations.

The main features of Section 4449 are as follows: (i) the scope of the Section includes combinations involving two or more not-for-profit organizations that are unrelated parties or related parties; (ii) a set of criteria to determine when a combination is accounted for as a merger or as an acquisition; and (iii) guidance on how to account for a merger or an acquisition.

Section 4449 applies prospectively to annual financial statements relating to fiscal years beginning on or after January 1, 2022. Earlier application is permitted.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.