Finding the right fit: a call to recognize the special nature of not-for-profit organizations

Article Abstract:

Both the Canadian Institute of Chartered Accountants (CICA) and the Financial Accounting Standards Board (FASB) have failed to take into consideration the special nature of not-for-profit organizations (NFPO) when developing financial reporting standards for these entities. As a result, the mistaken belief that there is little difference between NFPOs and business enterprises has taken root. Evidence indicates that the positions of the CICA and FASB have led to the establishment of an NFPO financial reporting framework that is deeply flawed, theoretically incorrect and fundamentally unsound.

Religious, Grantmaking, Civic, Professional, and Similar Organizations, Nonprofit Institutions, Laws, regulations and rules, Accounting and auditing, Nonprofit organizations, Financial Accounting Standards Board, Canadian Institute of Chartered Accountants

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The revolution that wasn't

Article Abstract:

It was expected that CICA's Accounting Standard Board's approval of the new Handbook section 1625 'Comprehensive reevaluation of assets and liabilities,' would bring about great changes in accounting re the use of reevaluations. The new handbook section, effective after January 1, 1993, has not brought about the expected changes from a traditional cost accounting system. The use of reevaluations are only to be used in cases where a company has seen a financial reorganization and where a firm is now under the control of a new entity.

Accounting, auditing, & bookkeeping, Standards, Accounting, Valuation, Assets (Accounting)

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