Authored by Derek B.M. Ross.
Earlier this year, the Accounting Standards Board (“AcSB”) and the Public Sector Accounting Board (“PSAB”) released a Statement of Principles. The Statement proposes a number of changes to existing standards for financial reporting used by not-for-profit organizations, including charities. The proposed changes are significant, and the Boards have requested comments from the sector on the amendments.
CCCC has responded, and a copy of CCCC’s submission is available here. As noted in the submission, CCCC generally supports the initiative to improve the standards, but has a number of concerns about some of the specific changes. Some of these concerns have been raised by other organizations, including Imagine Canada. In addition, CCCC has emphasized in its submission the need to consider the impact of the proposed changes on particularly small charities.
For more information, see: CCCC’s Submission on the Statement of Principles, Improvements to Not-for-Profit Standards.
Noteworthy is provided for general information purposes and does not constitute legal or professional advice. Every organization’s circumstances are unique. Before acting on the basis of information contained in this blog, readers should consult with a qualified lawyer for advice specific to their situation.