Accounting Standards for Not-For-Profit Organizations: A New Direction

Introduction In March 1996, The Canadian Institute of Chartered Accountants released new accounting recommendations! that will dramatically affect the way many not-for-profit organizations account for capital assets and contributions and change the basic financial statement presentation for such organizations. The new recommendations should make not-for-profit organizations’ financial statements easier to understand and reduce inconsistent accounting…

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”,…