- ED: Exposure Draft
- HB: Handbook Release
- SOP: Statement of Principles
|Standards for not-for-profit organizations||2013|
|Private Sector and Public Sector|
|Joint Not-for-Profit Review|
|Private Sector Only|
|Employee Future Benefits|
Private sector not-for-profit organizations
Private sector not-for-profit organizations (NFPOs) that choose to adopt accounting standards for NFPOs as Canadian GAAP (Part III of the CICA Handbook – Accounting in conjunction with Part II, accounting standards for private enterprises) must do so for fiscal years beginning on or after January 1, 2012.
NFPOs may also choose to adopt International Financial Reporting Standards, if that approach suits the needs of the users of their financial statements.
NFPOs should monitor activities related to standards for private enterprises as amendments made to those standards may affect them once they adopt accounting standards for NFPOs.
Public Sector not-for-profit organizations
NFPOs are required to adopt the CICA Public Sector Accounting (PSA) Handbook, either with or without the standards specific to not-for-profit organizations (Sections PS 4200 to PS 4270) for fiscal years beginning on or after January 1, 2012.
Public Sector should monitor activities related to standards for public sector entities as amendments made to those standards may affect GNFPOs once they adopt the CICA PSA Handbook.