ASNPO Update 2014

October 16, 2014

Most private sector not-for-profit organizations (NPOs) have now issued their second set of financial statements prepared in accordance with Part III of the CPA Canada Handbook – Accounting: Accounting Standards for Not-for-Profit Organizations (ASNPO). During 2014, there was one amendment made to Section 4450, Reporting Controlled and Related Entities by Not-for-Profit Organizations, in Part III of the Handbook. In addition, new Section 3463, Reporting Employee Future Benefits by Not-for-Profit Organizations, became effective.

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. There was one major improvement made to ASPE during the year that has an impact on NPOs: the issuance of new Section 1591, Subsidiaries. In addition, during the year amendments to various sections resulting from the Accounting Standards Boards (AcSB’s) 2013 ASPE Annual Improvements Process became effective and additional amendments were proposed to various sections as a result of the 2014 Annual Improvements Process. The improvements applicable to NPOs will be discussed in this publication.

In addition to a summary of the changes to ASNPO and the improvements to ASPE affecting NPOs, this publication concludes with a discussion on projects the AcSB is currently working on that affect NPOs.

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