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Accounting Standards for Private Sector Not-for-Profit Organizations

Financial Statement Concepts

Summary

The Accounting Standards Board (AcSB) is exploring ways to improve Section 1000, Financial Statement Concepts, and Section 1001, Financial Statement Concepts for Not-for-Profit Organizations, in Parts II and III of the CPA Canada Handbook – Accounting, respectively.

The AcSB is considering feedback from its Private Enterprise Advisory Committee and Not-for-Profit Advisory Committee on how financial statement concepts are currently used, and the challenges with applying them. As part of its research, the Board will review financial statement concepts to ensure that they continue to be fit for purpose for Canadian entities.

Staff Contact(s)

Mark Squire, CPA, CA Principal, Accounting Standards Board

Phone number  +1 647 264 3810
Email address  [email protected]
Eric English, CPA, CA Principal, Accounting Standards

Phone number  +1 647 264 8277
Email address  [email protected]

Project Status

  • Information gathering

    The AcSB is researching issues with Section 1000, Financial Statement Concepts, and Section 1001, Financial Statement Concepts for Not-for-Profit Organizations in Parts II and III of the CPA Canada Handbook – Accounting, respectively, to identify potential areas for improvement

  • Approving project
  • Engaging Communities
  • Deliberating feedback
  • Final pronouncement

What You Need to Know about Financial Statement Concepts

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.

Learn more

Webinar – Domestic Accounting Standards Update (Fall 2024)

Register for this webinar to learn about current accounting standards projects and recent amendments in Parts II, III and IV of the CPA Canada Handbook – Accounting. Join us for the English webinar on November 6, 2024, or the French webinar on November 12, 2024. 

Register – English
Register – French

News

September 4, 2024

Resource, News

What You Need to Know about Financial Statement Concepts

The AcSB is undertaking a project to improve Financial Statement Concepts in Parts II and III of the CPA Canada Handbook – Accounting. Learn how this initiative can benefit both preparers and practitioners in practice, as well as the Board in standard-setting.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.