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The future of not-for-profit standards

Published on: Aug 18, 2014

If your organization is a private sector or public sector not-for-profit organization (NPO) and you use the not-for-profit standards as your primary source of Canadian generally accepted accounting principles (GAAP), I highly encourage you to review the proposed 15 principles and respond to the Statement of Principles Improvements to Not-for-Profit Standards (the “SOP”).

The Canadian Accounting Standards Board (AcSB) and the Public Sector Accounting Board (PSAB) recently released the “SOP,” applicable to private and public sector not-for-profit organizations that use the not-for-profit standards as their primary source of GAAP. This is the first step in the process to amend the not-for-profit accounting standards.

You have the opportunity to influence the future of the not-for-profit accounting standards. (Tweet this) Comments on the SOP are due to the AcSB and PSAB no later than December 15, 2013.

Learn more about the SOP

The SOP represents the key principles that the AcSB and the PSAB expect to use as the basis for developing new accounting standards for not-for-profit organizations. There are 15 principles in total, which fall into the following categories:

  • Contributions
  • Tangible capital assets
  • Intangible assets
  • Tangible and intangible capital assets (“size exemption”)
  • Works of art, historical treasures and similar items
  • Controlled and related entities
  • Financial statement presentation

The Boards are seeking input at this stage of the process. The input they gather will be critical to the content of future accounting changes.

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