Private Sector NFPO Strategy – Current Status
The AcSB has an active work program for our not-for-profit organization (NFPO) stakeholders as outlined in our 2016-2021 Strategic Plan. And we continue to make progress on projects that are important to you. For example, we:
- issued standards on the accounting for tangible capital assets, intangible assets and collections;
- advanced work on our Contributions – Revenue Recognition and Related Matters project by conducting extensive user outreach and consulting with its Not-for-Profit Advisory Committee; and
- are developing an exposure draft on the accounting for combinations by NFPOs, to be released this year.
The needs of NFPOs in the private and public sectors require both the AcSB and Public Sector Accounting Board (PSAB) to have a clear understanding of the financial statement user needs in this sector.
As a result, we are working in concert considering users' needs and will align where those needs align.
PSAB has issued its Government Not-for-Profit Consultation Paper, open for comment until September 30, 2019.
Read and Respond
The AcSB encourages our private sector NFPO stakeholders to review this paper and respond as it may be relevant to you.
Kelly Khalilieh, CPA, CA
Accounting Standards Board