New Online Platform – Understanding International Not-for-Profit Reporting
Media Release / Communiqué
TORONTO, ON October 3, 2017 – The Chartered Institute of Public Finance and Accountancy (CIPFA) launched the International Not-for-Profit Platform last week. This publically-accessible online platform helps to improve understanding of different financial reporting methods for not-for-profit organizations around the world. It brings together information on national guidance in one place.
The platform was developed for the International Forum of Accounting Standard Setters (IFASS) Not-for-Profit Working Group, of which the Canadian Accounting Standards Board (AcSB) is a member. Other countries represented on the Working Group include Australia, Colombia, France, the Netherlands, New Zealand, Sierra Leone, the U.K., the U.S. Content for the platform was provided by the Working Group members and includes Canada’s private sector not-for-profit accounting standards.
“Not-for-profit accounting is garnering greater attention around the world, and the AcSB is committed to participating in global discussions that support our Canadian stakeholders through opportunities like the IFASS Working Group,” says Linda Mezon, Chair, AcSB. “The International Not-for-Profit Platform is a great tool for countries to use to learn from each other and develop high-quality not-for-profit standards.”
Not-for-profit financial statement users, not-for-profits operating internationally who report across different countries, and national standard setters and regulators are able to use the platform to compare the different approaches to not-for-profit accounting from around the world. It also looks at current and common issues for not-for-profit organizations.
Read the CIPFA’s press release on the International Not-for-Profit Platform for more information.
The Accounting Standards Board (AcSB) is an independent body with the authority to establish accounting standards for use by all Canadian entities outside the public sector. The AcSB serves the public interest by establishing standards for financial reporting by all Canadian private sector entities, and by contributing to the development of internationally accepted financial reporting standards.
Communications Manager, Standards