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…

Putting The Cart Before the Horse: Accounting Standards for NPOs Without a Conceptual Framework

Accounting policies for nonprofit organizations have come under considerable scrutiny in recent years. An influential segment of the accounting profession is pushing for accounting policies that are virtually identical to those used in business. Many individuals and organizations in the voluntary sector, however, are actively opposing the suggested changes.1 The proposed changes in accounting policies…