Accounting Standards for Not for Profit Organizations Update 2015

October 20, 2015

Introduction

Private sector not-for-profit organizations (NPOs) prepare financial statements in accordance with Part III of the CPA Canada Handbook –Accounting: Accounting Standards for Not-for-Profit Organizations (ASNPO). During 2015, there were no amendments made to Part III of the Handbook.

However, NPOs applying ASNPO also apply the relevant standards from Part II of the CPA Canada Handbook - Accounting: Accounting Standards for Private Enterprises (ASPE) to the extent that the standards in Part II address topics applicable for NPOs that are not addressed in Part III. As a result, some changes made to ASPE also affect NPOs. During the year, changes to ASPE resulting from the Accounting Standards Boards (AcSB’s) ASPE Annual Improvements Process became effective and additional amendments were made to various Sections.

This publication will discuss the changes applicable to NPOs, changes that will become effective in the upcoming year and will conclude with a discussion on projects the AcSB is currently working on that affect NPOs.

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