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A State of Change - February 2013

Published on: Feb 28, 2013

Not-for-profit organizations (“NPOs”) have to transition to new financial reporting frameworks for fiscal years beginning on or after January 1, 2012. NPOs in the private sector will be adopting the Canadian accounting standards for not-for-profit organizations, or the International financial reporting standards, while government NPOs will be moving to the Public Sector Accounting Standards. In this issue of the newsletter, we outline some of the key matters and requirements that an NPO should consider when preparing its first financial statements under these reporting frameworks.


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