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In February 2017, the Accounting Standards Board (AcSB) issued an Exposure Draft, entitled “Accounting Standards Improvements for Not-for-Profit Organizations.”
A Not-for-Profit Organization (NPO) will be affected if it owns tangible capital assets, intangible assets or collections. The specific changes to the NPO Exposure Draft are as follows:
The AcSB is welcoming comments on the Non Profit Organizations Exposure Draft until May 31, 2017. A full copy of the exposure draft is located at: http://www.frascanada.ca/standards-for-not-for-profit-organizations/documents-for-comment/item83928.pdf
The proposed date of effect for the NPO Exposure Draft would be for fiscal years beginning on or after January 1, 2019.
If you still have questions about these new Accounting Standards Board rules regarding the Non Profit Accounting Exposure Draft, contact your Not-for-Profit advisor at Manning Elliott LLP and we would be happy to assist you in navigating these complex accounting issues.
Navroz Janmohamed, CPA, CA is a Partner at Manning Elliott LLP. He advises privately held businesses, not-for-profit organizations (NPOs) and registered charities on a wide range of income tax planning and tax compliance matters. To contact Navroz, feel free to call him at 604-714-3622 or email him at firstname.lastname@example.org
The above content is believed to be accurate as of the date of posting. Tax laws are complex and are subject to frequent changes. Professional advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein.