Not-for-Profit Organization Accounting: CICA Re-Exposes Recommendations

Introduction In Canada, standard setters have been focusing on the development of accounting standards for not-for-profit organizations over the last decade and a half. The process commenced with a 1980 research study 1 that proposed a uniform set of accounting principles and reporting practices. Most recently, in December 1993, The Canadian Institute of Chartered Accountants…

Updated CICA Guidelines: Comments on the Re-Exposure Draft

Introduction The Re-Exposure Draft issued by the CICA (Canadian Institute of Chartered Accountants) is a significant improvement over the previous exposure draft.1 The overall thrust has been changed so that there is no longer a single general approach being mandated for NPO (nonprofit organizations) reporting. The acceptance of a restricted fund accounting basis eliminates many…

From the Editor

For the past several years the custodians of accounting principles have been working to adapt their general rules to not-for-profit organizations. We have run a number of articles on that work, most recently in Volume XI, when the Canadian Institute of Chartered Accountants released its Exposure Draft of proposed principles of adaptation. CICA has now…

CICA Exposure Draft: “Non-Profit Organizations”

Introduction In January 1992, The Canadian Institute of Chartered Accountants (CICA) issued an Exposure Draft entitled “Non-Profit Organizations” which makes a number of proposals related to some significant and controversial issues. If adopted, it would require many organizations to make substantial changes in their accounting and/or financial-statement presentations. The CICA Handbook (CICA, “Financial Statement Concepts”,…

CICA Exposure Draft: A Comment

A small group within the Canadian Institute of Chartered Accountants (CICA) has suggested that several major changes be made to financial reporting by nonprofit organizations (CICA. Exposure Draft. “Non-Profit Organizations”.) For example, they want long-lived items such as equipment set up as assets and then amortized each year. These changes will tend to be costly…

Viewpoint: Generally Accepted Accounting Principles for Non-Profit Organizations: A University Perspective

Viewpoint expresses the particular view of contributors but does not necessarily reflect the views ofThe Philanthropist. Readers are invited to respond to articles in this section. If appropriate, their views will be published. Colin Graham’s timely article in The Philanthropist, Volume VII, No. 1, “Current Accounting Deliberations: Issues and Concerns for Non-Profit Organizations” summarized the…