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Not-for-Profit Organizations
The strategic direction of financial reporting for Canada’s more than 160,000 not-for-profit organizations is under review. Following extensive stakeholder consultation, the Accounting Standards Board and the Public Sector Accounting Board have issued Exposure Drafts that are open for comment until July 15, 2010. For more information: Pension Plans
Pension plans, and benefit plans that have characteristics similar to pension plans, will follow new accounting standards for pension plans issued by the Accounting Standards Board as of January 1, 2011, rather than International Financial Reporting Standards.
Click here for more information.
Public Sector
The Public Sector Accounting Board establishes generally accepted accounting principles (GAAP) for governments and governmental organizations, including government not-for-profit organizations. Government not-for-profit organizations include those in the SUCH sector (i.e., schools, universities, colleges and hospitals). Governments:
Federal, provincial, territorial and local governments use accounting standards contained in the CICA Public Sector Accounting Handbook.
Governmental Organizations: - Government business enterprises (GBEs) follow standards in the CICA Public Sector Accounting Handbook. As of January 1, 2011, GBEs will be required to follow International Financial Reporting Standards, found in the CICA Handbook – Accounting.
- Government not-for-profit organizations currently follow accounting standards for not-for-profit organizations in the CICA Handbook – Accounting. The strategic direction of financial reporting for this sector is currently under review.
- Other government organizations are to consider the needs of the users of their general purpose financial statements in determining whether standards in the CICA Public Sector Accounting Handbook meet their needs.
For more information on Public Sector projects, documents for comment and responses, go to the Public Sector Accounting Board’s website. |