Accounting Principles

Those concerned with accounting practices for Not-for-Profit-Organizations have had very little guidance in the past on accounting principles to be followed. The Canadian Institute of Chartered Accountants now has a study group under the chairmanship of H. F. C. Graham, C.A., of Clarkson, Gordon & Co. Any enquiries or suggestions should be addressed to K. J. Caplan, C.I.C.A., 250 Bloor Street East. The group expects to have a research study for publica­tion by the end of 1977. The group of 9 are accountants with a variety of experience in the field.

The group is dealing with the problems typical of such corporations as a class and is to suggest a uniform set of accounting principles and reporting practices. The study will also encompass special accounting problems unique to each type of organization; for instance in the case of private foundations, the reporting of unpaid grants and valuation of investments.

Organizations treated in the study will include hospitals, universities and reli­gious organizations as well as public and private foundations.

The American Institute of Certified Public Accountants also has a study group at work and have reached the point of issuing a discussion draft dated February 1, 1977 to obtain public comment on their tentative proposals.