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Accounting Standards for Not-for-Profit Organizations update 2022

It was a busy year for the Accounting Standards Board (AcSB) and for Part III of the CPA Canada Handbook – Accounting: Accounting Standards for Not-for-Profit Organizations (ASNPO).

The board made progress on various projects in 2022, including those on accounting for contributions. In addition, a new standard became effective in the current year providing guidance on accounting for combinations of not-for-profit organizations (NPOs). Both of these items will be discussed in this publication as well as the following:

  • How some changes made to Accounting Standards for Private Enterprises (ASPE) also affects NPOs.
  • Amendments resulting from the AcSB’s projects on revenue and cloud computing arrangements and their impact on NPOs.
  • An update on other projects the AcSB is working on that will impact NPOs in the future.

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Applying financial reporting standards can be quite complex. The BDO team can help you assess your situation and prepare for the opportunities and challenges involved.

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