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Update on accounting standards for Canadian not-for-profit entities

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28 Mar 2011

The framework followed by Canadian not-for-profit organisations (NPOs) is undergoing change.

In September 2010, a new accounting framework was approved by the Canadian Accounting Standards Board (AcSB) and Canadian Public Sector Accounting Standards Board:
  • NPOs in the private sector – current accounting standards for not-for-profit organisations (the "4400 series of standards", based on Accounting Standards for Private Enterprises) OR International Financial Reporting Standards (IFRSs)
  • Government NPOs – must adopt Public Sector Accounting (PSA) Standards, but have a choice to continue to apply eight CICA Handbook sections which incorporate current accounting standards for not-for-profit organisations (the "4400 series of standards").

The new requirements apply for fiscal periods beginning on or after 1 January 2012. The Basis of Conclusions on the framework notes future changes are expected to be made on annual or biennial basis, considering changes accounting standards for private enterprises and IFRSs (as relevant).

To assist Canadian NPOs in the transition to the new framework, Deloitte (Canada) has produced two publications, which can be downloaded below.

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