Section 4450 - Reporting controlled and related entities by not-for-profit organizations
Effective date: |
January 1, 2012 |
Published by the AcSB: |
December 2010 |
Overview
This Section establishes standards for the presentation and disclosure of controlled, significantly influenced and other related entities in the financial statements of not-for-profit organizations.
The requirements of the Section are summarized in the table below:
Nature of influence | Accounting |
Control |
|
Joint control |
|
Significant influence |
|
Economic interest* |
|
* An economic interest in another NFPO exists if: i) the other organization holds resources that must be used to produce revenue or service for the reporting organization; or ii) the reporting organization is responsible for the liabilities of the other organization. |
History of Section 3463
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. |
September 2014 |
Amended to incorporate the definition of proportionate consolidation in Section 4450 |
Effective for annual financial statements relating to fiscal years beginning on or after January 1, 2016. Earlier application is permitted. |
Note: The above summary does not include details of consequential amendments made as the result of other projects.