This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

Section 1401 - General standards of financial statement presentation for not-for-profit organizations

Effective date:

January 1, 2012

Published by the AcSB:

December 2010

Overview

Financial reporting is essentially a process of communication of information. While the success of this communication depends upon the appropriateness of the accounting principles followed and ultimately upon the degree of understanding by the readers of the financial statements, it also depends upon the extent and clarity of presentation and disclosure in the financial statements. This Section establishes general standards of financial statement presentation.

This Section addresses matters such as what constitutes fair presentation of financial statements in accordance with GAAP, how management assesses going concern and the presentation of comparative information.

History of Section 1401

Date

Development

Comments

December 2010

Part III of the CPA Canada Handbook  issued

Effective for fiscal years beginning on or after January 1, 2012. Earlier application permitted.

October 2011

Annual improvements

Paragraph .12A, has been added to require an organization to:

  • present only one set of general purpose financial statements prepared under Part III of the Handbook in any particular period; and
  • refer to the general purpose financial statements in any additional sets of financial statements prepared under Part III of the Handbook

Effective for fiscal years beginning on or after January 1, 2012.

Note: The above summary does not include details of consequential amendments made as the result of other projects.

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.