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A State of Change - June 2014

Published on: Jul 07, 2014

In this issue we bring you three articles that highlight three diverse issues impacting not-for-profit organizations. The first article relates to changes in the reporting of employee future benefits by not-for-profit organizations, and provides key questions for Management and Audit Committee members to consider. The second article is of most relevance to Hospitals and their affiliated foundations, and relates to new technical amendments to the Excise Tax Act that may provide exemption from GST/HST with respect to patients and visitors parking. Our final article addresses the Improvements to Not-for-Profit Standards – Statement of Principles (“SOP”) issued for comments by the Canadian Accounting Standards Board and the Public Sector Accounting Board. The SOP outlines 15 key principles proposing some significant changes to the future of not-for-profit accounting for organizations in both the private and public sectors. The comment period has now closed. Our article summarizes the common themes of the comments received from respondents.


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