This project is being undertaken in response to the feedback from private sector stakeholders to the April 2013 AcSB/PSAB joint Statement of Principles, “Improvements to Not-for-Profit Standards.”
This project considers the improvements needed to the guidance on accounting for contributions and related topics by not-for-profit organizations (NFPOs) in Part III of the CPA Canada Handbook – Accounting.
This project considers topics such as:
- the definition of restricted and unrestricted contributions;
- the timing of recognition of revenue from contributions;
- Specific types of contributions and transactions;
- Other related topics including:
- presentation and disclosure;
- capital asset recognition exemption; and
- financial statement concepts.
The guidance developed through this project would aim to balance the diverse needs and operations of NFPOs while addressing financial statement user concerns regarding the complexity and comparability of NFPO financial statements.