Other Accounting Standards in Transition

Not-for-Profit Organizations (NFPOs)

The strategic direction of financial reporting for Canada’s more than 160,000 not-for-profit organizations has been decided. The Accounting Standards Board and the Public Sector Accounting Board finalized new accounting standards for private not-for-profit organizations and the inclusion of the 4400 series of standards from the CICA Handbook – Accounting into the CICA Public Sector Accounting Handbook for use by government organizations applying the standards for not-for-profit  organizations. These standards are effective January 1, 2012.

Related links

• Not-for-profit Organization Overview (AcSB)
• Private Sector FAQ: Accounting Standards for Private Sector Not-for-Profit Organizations (NFPOs)
• Courses
  • Not-For-Profit Organizations: The New Accounting Standards (Part III)
  • Not-For-Profit Organizations: Transition to the New Accounting Standards (Part III)
  • Non-Profit Organizations & Registered Charities: Accounting, Auditing & Taxation Issues
    
• Public Sector Not-for-profit
  • Public Sector FAQ: Accounting Standards for Government Not-for-Profit Organizations (GNFPOs)
  • Public Sector Not-for-profit Organizations Face Decisions (CICA)
    

Pension Plans

Pension plans, and benefit plans that have characteristics similar to pension plans, 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) previously followed standards in the CICA Public Sector Accounting Handbook. As of January 1, 2011, GBEs are 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. PSAB approved an amendment to the Introduction to Public Sector Accounting Standards and eight new Handbook Sections PS 4200 to PS 4270. The amendment to the Introduction directs all government not-for-profit organizations to follow the CICA Public Sector Accounting Handbook for fiscal years beginning on or after January 1, 2012.
  
• 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.
  

Related link

• Summary Comparison of CICA Public Sector Accounting Handbook and CICA Handbook — Accounting (June 30, 2011)
• Determining an Organization’s Basis of GAAP