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:
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.