The financial reporting standards that must be used by not-for-profit organizations are determined in Canada by the Accounting Standards Board and the Public Sector Accounting Board. New rules for accounting standards for not-for-profit organizations are effective January 1, 2012.
Now that the financial reporting standards for public companies and private enterprises have been settled, the Accounting Standards Board is turning its attention to not-for-profits. The board's objective is to ensure that accounting standards for not-for-profit organizations "are responsive to the diverse nature of the sector, allow for comparability between the private and public sectors and provide decision-useful financial statements for the multiple and varied users of these statements."
Established in 1995, First Reference Inc. (known as La Référence in Quebec) provides Canadian organizations of any size with practical and authoritative resources to help ensure compliance.